Bitdeer Completes $43.5M Equity Offering and Upsizes Convertible Notes to $375M, Repurchasing Existing Debt

summarizeSummary

Bitdeer Technologies Group completed its previously announced registered direct offering and upsized its convertible senior notes offering to $375 million, securing significant capital for debt repurchase and growth initiatives.

check_boxKey Events

• Registered Direct Offering Completed

  The company completed a registered direct offering of 5,503,030 Class A ordinary shares at $7.94 per share, generating approximately $43.5 million in net proceeds. This finalizes the offering announced on February 23, 2026.

• Convertible Notes Offering Upsized

  Initial purchasers fully exercised their option to purchase an additional $50.0 million principal amount of 5.00% Convertible Senior Notes due 2032, increasing the total offering size to $375.0 million. This follows the initial $325 million offering finalized on February 20, 2026.

• Debt Repurchase and Hedging

  A portion of the net proceeds from both offerings, totaling approximately $135.0 million, was used to repurchase existing 5.25% convertible senior notes due 2029. Additionally, $29.2 million was allocated for capped call transactions to hedge the new convertible notes.

• Strategic Use of Proceeds

  The remaining net proceeds are designated for datacenter expansion, HPC and AI cloud business expansion, ASIC-based mining rig development and manufacture, as well as working capital and other general corporate purposes.

auto_awesomeAnalysis

Bitdeer Technologies Group has successfully finalized a substantial capital raise, confirming the completion of its registered direct offering and an upsized convertible senior notes offering. This financing package, totaling approximately $407.2 million in net proceeds, significantly strengthens the company's financial position. The exercise of the option for additional convertible notes indicates strong investor confidence. A portion of the proceeds will be used to repurchase existing debt, improving the balance sheet, while the remainder is earmarked for strategic growth initiatives in datacenter expansion, HPC and AI cloud business, and ASIC development. This move provides a longer runway for the company's capital-intensive operations.