Bitdeer Technologies Group, the Singapore-based Bitcoin mining company, has announced a $330 million convertible notes offering designed to reinforce three major areas of its business: Bitcoin mining operations, in-house ASIC miner development, and AI infrastructure expansion. Rather than serving as a routine capital raise, the deal signals that Bitdeer is positioning itself as a broader compute infrastructure company, one that wants exposure not only to mining output but also to hardware design, datacenter capacity, and AI-related services.
The timing is notable. Bitcoin miners are operating in an environment where efficiency, financing access, and infrastructure scale matter more than ever. At the same time, AI computing demand has pushed many infrastructure operators to reconsider how their datacenters and power resources can be monetized. Bitdeer, whose market capitalization now exceeds $2.3 billion, appears to be pursuing both tracks at once: expanding self-mining capacity while building assets that may also support AI workloads.
Key terms of the new convertible notes offering
The securities being offered are convertible notes due in 2031, carrying an annual coupon of 4.875%. They may be converted into Bitdeer Class A ordinary shares at a conversion price set at a 25% premium to the company’s current stock price. Based on the reference share price of $11.84, the initial conversion price works out to approximately $15.88 per share. This kind of structure gives Bitdeer immediate financing while limiting near-term equity dilution compared with a straight stock issuance.
The offering is being marketed to qualified institutional buyers under Rule 144A of the Securities Act, meaning the transaction is targeted at institutional capital rather than the retail market. Investors also have the option to purchase additional notes within 13 days. If that option is fully exercised, the total size of the offering could increase from $330 million to as much as $375 million. This gives the company flexibility to raise more capital if demand proves strong.
This is not Bitdeer’s first move in the convertible debt market. The company previously raised $150 million in August and another $360 million in November of last year. According to the company, the current offering is expected to close on June 23, 2025. The sequence of these financings shows that Bitdeer has been consistently using convertible instruments as a key part of its growth strategy, likely because they can balance cost of capital, investor appetite, and future financing flexibility.
How Bitdeer plans to use the net proceeds
Bitdeer expects to receive roughly $319.6 million in net proceeds from the transaction. Of that amount, approximately $129.6 million is expected to be used for a zero-strike call option transaction, while another $36.1 million will be allocated to concurrent note exchanges. The remaining capital is slated for several core operational priorities: expanding datacenter capacity, developing new ASIC mining rigs, and supporting general corporate purposes.
Those allocations are meaningful because they map directly onto Bitdeer’s strategic priorities. Datacenter expansion supports both mining deployment and potential AI computing demand. New ASIC rig development strengthens vertical integration, allowing the company to build more of its hardware stack internally instead of depending entirely on third-party manufacturers. General corporate purposes, while broader in definition, give management room to support working capital, operations, and other infrastructure-related initiatives as needed.
In practical terms, this means the offering is not just about raising balance sheet cash. It is intended to fund a combination of growth capex, hardware innovation, and financial restructuring. For an infrastructure-heavy business such as Bitcoin mining, that mix matters because long-term competitiveness depends not only on how many miners are running today, but also on access to efficient future hardware and sufficient facility capacity.
Concurrent note exchange and debt management strategy
Alongside the new issuance, Bitdeer is carrying out a note exchange targeting holders of its 8.50% convertible notes due 2029. Under the proposed exchange, eligible holders would receive a package consisting of about $36.1 million in cash and 8.1 million shares in exchange for $75.7 million of outstanding notes. This is a significant detail because it shows the company is using the capital raise not only to expand, but also to reshape its liability structure.
From a corporate finance perspective, replacing or restructuring higher-cost debt can improve long-term flexibility. The old 2029 notes carry an 8.50% coupon, while the newly issued 2031 notes carry a much lower 4.875% rate. That difference suggests Bitdeer is attempting to optimize funding costs and reduce future financial pressure. For companies exposed to cyclical revenue drivers such as BTC price movements, mining difficulty, and energy costs, lowering interest expense can materially improve resilience.
The combination of new financing and debt exchange also points to a more deliberate treasury strategy. Bitdeer is not merely adding leverage to chase growth. It is also trying to extend maturities, reduce the burden of expensive legacy obligations, and preserve capital for technology and infrastructure investment. That approach may become increasingly important as both mining economics and AI infrastructure economics grow more capital intensive.
Operational growth in May 2025: 196 BTC mined and 13.6 EH/s self-mining hashrate
The financing announcement follows a period of visible operational expansion. As previously reported, Bitdeer mined 196 BTC in May 2025, with the value of that output exceeding $21 million. During the same period, the company increased its self-mining hashrate to 13.6 EH/s. For mining companies, those two metrics together matter: BTC mined reflects short-term production, while self-mining hashrate indicates how much proprietary capacity is actually online and under the company’s control.
Bitdeer also continued deploying its SEALMINER rigs across multiple sites in Texas, Norway, and Bhutan. These locations provide geographic diversification and may offer different combinations of power sourcing, climate advantages, and regulatory conditions. The continued rollout suggests that Bitdeer is moving beyond simply operating hosting facilities and is increasingly building a vertically integrated mining platform that combines hardware deployment, site operations, and self-mining output.
Matt Kong, Bitdeer’s Chief Business Officer, summarized the company’s progress by saying: “In May 2025, we continued to deploy our SEALMINER mining rigs to our sites in Texas, U.S., Norway, and Bhutan, bringing Bitdeer’s self-mining hashrate to 13.6 EH/s.” Even though the statement is concise, it confirms that fleet expansion is actively underway and that Bitdeer’s proprietary equipment strategy is being translated into operational scale.
Why AI infrastructure is becoming part of Bitdeer’s story
Another important element in the announcement is that Bitdeer’s AI cloud platform, powered by large language models, has officially launched. That detail helps explain why the company is emphasizing datacenter growth rather than focusing only on mining capacity. A firm that already manages power-intensive infrastructure, cooling systems, facilities, and large-scale compute operations can potentially extend some of those capabilities into AI-related services.
Bitcoin mining and AI computing do not use the same chips or workloads. Mining is centered on ASIC hardware optimized for SHA-256 computations, while AI workloads typically rely on GPUs and high-performance servers. Even so, both businesses depend on large-scale datacenter infrastructure, power access, operational reliability, and capital deployment. By investing in mining rigs, datacenter expansion, and AI cloud services at the same time, Bitdeer appears to be pursuing a shared infrastructure model where one platform can support multiple compute-driven revenue streams.
This strategy also reflects broader industry pressure. Competition in Bitcoin mining remains intense, particularly as miners seek lower costs and better machine efficiency after successive market cycles and the latest halving environment. At the same time, AI infrastructure has become one of the most capital-hungry and strategically important segments in technology. A company that can participate in both markets may gain optionality, provided it can execute well across hardware, facilities, financing, and customer demand.
Prior funding sources and the broader competitive context
Bitdeer has not relied solely on this latest offering to fund its ambitions. In 2024, the company also raised capital from Tether. More recently, in May, it secured $40 million from a debt facility with Matrix Finance. These financing channels indicate that Bitdeer has been building a diversified capital base to support expansion across mining, infrastructure, and adjacent technology initiatives.
There is also a leadership connection worth noting. Both Bitdeer and Matrix are led by Jihan Wu, the co-founder of Bitmain. That relationship underscores Bitdeer’s deep links to the mining hardware and infrastructure ecosystem. In a sector where access to capital, operational expertise, and equipment supply can shape competitive outcomes, those ties may provide strategic advantages.
Overall, the new $330 million convertible notes offering captures Bitdeer’s current direction in a single transaction. The company is adding financial firepower, restructuring part of its debt stack, deploying more SEALMINER rigs, scaling self-mining output, and expanding into AI cloud infrastructure. As competition intensifies across both Bitcoin mining and AI compute, Bitdeer is clearly trying to build a larger, more integrated compute platform rather than remain just another public mining company.