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Bitdeer Raises $330M to Expand Bitcoin Mining and AI Operations
- Bitdeer Technologies Group, a Singapore-based Bitcoin mining firm, has launched a $330 million convertible notes offering to expand its mining operations and AI infrastructure.
- The notes, due in 2031, carry an annual interest rate of 4.875% and can be converted into Bitdeer Class A shares at a 25% premium.
- The offering is aimed at qualified institutional buyers and could potentially reach $375 million if investors exercise an option to buy more.
- This is Bitdeer’s third convertible notes raise, following previous raises of $150 million in August and $360 million in November last year.
- Net proceeds are expected to total approximately $319.6 million, with funds allocated for diverse needs including datacenter expansion and ASIC rig development.
- Bitdeer is also conducting a note exchange, offering cash and equity to holders of its 8.50% convertible notes due 2029.
- The company recently mined 196 BTC in May and expanded its self-mining hashrate to 13.6 EH/s while deploying new SEALMINER rigs and launching its AI cloud platform.
- Bitdeer raised capital from Tether in 2024 and secured $40 million from a debt facility with Matrix Finance in May.
- With a market cap exceeding $2.3 billion, Bitdeer remains focused on investing in infrastructure and technology amidst growing competition in Bitcoin mining and AI computing.
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