-
Back to menu
Prices
-
Back to menu
-
Back to menu
Indices -
Back to menu
Research
-
Back to menu
Events -
Back to menu
Sponsored
-
Back to menu
Videos -
Back to menu
-
Back to menu
-
Back to menu
Webinars
Select Language
By James Van Straten, AI Boost|Edited by Sheldon Reback
Updated Sep 30, 2025, 2:54 p.m. Published Sep 30, 2025, 2:50 p.m.
- Bit Digital upsized its convertible note from $100 million to $135 million, with a conversion price of $4.16 per share, a 30% premium to the Sept. 29 close of $3.20.
- Bit Digital expects net proceeds of $128.9 million, rising to $143.3 million if the underwriters exercise their option, adding to its 121,252 ETH holdings acquired at an average cost of $2,635.
Bit Digital (BTBT) shares slid 8% at the U.S. market open, dropping to $2.92 after the company announced an upsized $135 million convertible note offering.
Bit Digital increased the size of the 4.00% convertible senior notes offering from $100 million. Underwriters hold a 30-day option to purchase up to an additional $15 million. The notes will mature on Oct. 1, 2030, unless earlier converted, redeemed or repurchased.
STORY CONTINUES BELOW
The initial conversion price is set at $4.16 per share, representing a 30% premium over Bit Digital’s Sept. 29 closing price of $3.20. Net proceeds are expected to be about $128.9 million, or $143.3 million if the underwriters fully exercise their option.
Bit Digital intends to use the funds primarily to purchase ETH$4,112.44. As of now, the company holds 121,252 ETH at an average acquisition cost of $2,635.
A similar sell-off occurred last week with Cipher Mining (CIFR), whose shares slumped 19% in two days after a convertible notes issuance.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
More For You
Sep 9, 2025
Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025
What to know:
- Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025
- Gate exchange emerged as major player with 98.9% volume surge to $746 billion, overtaking Bitget to become fourth-largest platform
- Open interest across centralized derivatives exchanges rose 4.92% to $187 billion
More For You
By Helene Braun, AI Boost|Edited by Stephen Alpher
38 minutes ago
Issuers race against the clock as SEC faces possible furloughs and decision deadlines pile up in October.
What to know:
- A looming U.S. government shutdown threatens to delay SEC decisions on several crypto ETFs, including funds tied to solana and litecoin.
- The SEC had been actively reviewing updated filings, with some issuers expecting approvals as early as next week.
- October decision deadlines for products like Canary Capital’s Litecoin ETF could slip into limbo if key SEC staff are furloughed.
