Bitdeer (BTDR) Stock: $300M Note Offering to Fund AI and Data Center Expansion

TLDR

• Bitdeer (BTDR) stock dropped 17.38% to $7.94 Thursday after announcing a $300M convertible note offering
• The deal includes an option for buyers to add another $45M, bringing the potential total to $345M
• Proceeds will fund data center expansion, AI infrastructure growth, and crypto mining rig development
• It’s Bitdeer’s second convertible note offering — the first in April 2024 also caused an 18% stock drop
• BTDR is now down 29% year-to-date and nearly 70% from its January 2025 all-time high near $26

Bitdeer Technologies Group fell sharply Thursday after announcing a $300 million private placement of convertible senior notes due 2032.

Bitdeer Technologies Group, BTDR

Initial purchasers have the option to buy an additional $45 million in notes, pushing the potential total to $345 million. Settlement for any additional notes would occur within 13 days of the issuance date.

BTDR shares closed down 17.38% at $7.94, slipping further in after-hours to $7.89. At its pre-market low the stock hit $7.88, down from Wednesday’s close of $9.61.

The stock is now down 29% year-to-date and nearly 70% from its January 2025 all-time high of around $26.

This is the second time a convertible offering has hit BTDR hard. A $150 million deal in April 2024 triggered an almost identical 18% drop.

Convertible notes can be exchanged for company shares, and the prospect of future dilution typically pressures stock prices as investors price in a larger potential share count.

Bitdeer said it plans to use capped call transactions to limit dilution from any conversions. The move did not stop Thursday’s selloff.

How the Money Will Be Used

Proceeds are earmarked for data center expansion, AI cloud growth, new crypto mining rig development, and general corporate purposes.

The company also disclosed a registered direct share offering tied to a plan to repurchase a portion of its existing 5.25% convertible notes due 2029. That transaction depends on the new note offering closing first.

Notes will carry semiannual interest payments and can be settled in cash, Class A ordinary shares, or a mix of both.

Strong Q4 Numbers, But Shares Keep Sliding

Bitdeer reported Q4 revenue of $224.8 million, up 226% from $69 million a year earlier. The company also flipped to a net profit of $70.5 million from a $531.9 million loss the prior year.

It mined 1,673 bitcoins in Q4, up from 469 the year before, and grew total managed hashrate to 71 EH/s — surpassing rival MARA Holdings.

As of December 31, Bitdeer held around 2,000 BTC on its balance sheet. Data from BitcoinTreasuries now shows that figure has dropped to roughly 943 BTC, after the company sold holdings earlier this year to fund expansion.

BTDR is down 37% over the last 30 days.

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