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By Tom Carreras, AI Boost|Edited by Stephen Alpher
Jun 25, 2025, 5:56 p.m.
- Bitdeer Technologies has completed a $330 million private placement of convertible senior notes maturing in 2031.
- The notes have a conversion price of $15.87 per share, which is 44% above Bitdeer’s current trading price.
- Bitdeer is using part of the proceeds for a call option to settle conversions and for datacenter expansion and ASIC development.
Bitcoin miner and ASIC manufacturer Bitdeer Technologies (BTDR) has completed a $330 million private placement of convertible senior notes maturing July 1, 2031. The notes bear interest at 4.875% and feature a conversion price of $15.87 per share — about 44% above BTDR’s current $11 trading price.
The bond’s conversion rate of 62.9921 Class A shares per $1,000 principal means full conversion could yield roughly 20.8 million new shares. To cover this, Bitdeer prepaid Barclays $129.6 million for a call option with a zero strike price on over 10.2 million shares, or 49% of the conversion total. The option allows Bitdeer to settle conversions using shares from Barclays’ inventory rather than tying up its own stock.
STORY CONTINUES BELOW
Bitdeer, is using roughly $129.6 million of the proceeds to fund the zero-strike call option, $36.1 million to pay the cash consideration for its concurrent note exchange transactions, and the remaining funds for datacenter expansion, the development of its ASIC manufacturing and working capital.
The company is currently working on new ASIC chip designs that could potentially make its mining rigs substantially more efficient than current models.
Shares are marginally lower in Wednesday trade.
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.
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor’s degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
