Bitdeer Raises $400M with Convertible Notes After Ohio Fire
Bitdeer Technologies has completed a $400 million private placement of 4% convertible senior notes due 2031, with a $60 million overallotment option, targeting Rule 144A-qualified institutional investors.
The convertible notes offering will fund capped call hedges, repurchase up to $200 million of its 5.25% 2029 notes, support data center expansion, ASIC mining rig R&D, high-performance computing and AI cloud services, and rebuild its Ohio facility after a recent fire.
Convertible notes are convertible into cash or Class A shares and aim to optimize Bitdeer’s capital structure ahead of the next Bitcoin halving.
The deal is set to close November 17, 2025.
Neutral
While Bitdeer’s $400 million convertible note offering underscores strategic capital raising for mining expansion and facility reinforcement after the Ohio fire, its direct impact on Bitcoin’s price is limited. The funding plan supports long-term growth in crypto infrastructure, which could bolster market confidence in mining capacity ahead of the halving. However, convertible debt introduces dilution risks and does not immediately alter Bitcoin’s supply-demand dynamics. Overall, the news is neutral: it benefits Bitdeer’s operations but is unlikely to trigger significant short-term price shifts in BTC.