Bitdeer Technologies Group, a leading Bitcoin mining company headquartered in Singapore, has announced the pricing of an upsized private placement of convertible senior notes, signaling a strategic move to bolster its balance sheet and fund future growth. The offering, initially proposed at $300 million, was increased to $330 million principal amount of 4.875% Convertible Senior Notes due 2031, with an option for initial purchasers to acquire an additional $45 million in notes. The sale is expected to close on June 23, 2025. Net proceeds are expected to total roughly $319.6 million. If investors exercise an option to buy more within 13 days, the offering could reach $375 million.
This capital raise is multifaceted, designed not only to secure new funding but also to optimize existing debt. Bitdeer is also conducting a note exchange, offering cash and equity to holders of its 8.50% convertible notes due 2029. That transaction includes approximately $36.1 million in cash and 8.1 million shares, exchanged for $75.7 million in outstanding notes. Critically, about $36 million in cash, along with 8.1 million Class A ordinary shares, was used to exchange approximately $76 million of higher-interest 8.50% convertible senior notes due 2029. This concurrent note exchange effectively refinances a portion of Bitdeer's debt at a substantially lower interest rate and extends its maturity, enhancing financial flexibility. The initial conversion price is approximately $15.88 per Class A ordinary share, a 25% premium over the June 17, 2025, closing price.
The remaining net proceeds are allocated to core operational expansion, specifically for datacenter expansion and the development and manufacture of ASIC-based mining rigs. Around $129.6 million will go toward a zero-strike call option. The company paid a $129.6 million premium for the right to receive approximately 10.2 million shares at expiry. This transaction facilitates hedging activities by certain note investors, which could impact the market price of Bitdeer shares or notes.
Bitdeer's strategic vision includes aggressive scaling of its infrastructure, with 1.1 GW of new power capacity planned for 2025 across multiple locations. Infrastructure developments include major projects in Norway, Texas, Ohio, and Bhutan progressing. Over half of its 1.6 GW target capacity by June 2025 will be outside the U.S., with key sites in Norway, Bhutan, and Ethiopia. This reduces reliance on U.S. energy markets, where rising electricity prices and regulatory uncertainty threaten margins. In May 2025, Bitdeer continued to deploy its SEALMINER mining rigs to its sites in Texas, U.S., Norway, and Bhutan, bringing Bitdeer's self-mining hashrate to 13.6 EH/s.
Bitdeer is set to capitalize on a 90-day tariff suspension period to transport mining equipment from Southeast Asia to the United States. The company aims to launch a manufacturing facility in the U.S. later this year, focusing on producing mining machines for its own operations rather than selling them to other miners.
Linghui Kong, Chief Business Officer of Bitdeer, stated that 2025 is going to be a transformative year for Bitdeer. The launch of SEALMINER A2 has generated tremendous interest. The company expects to achieve ~35 EH/s of SEALMINER A2 mass production through Q3 2025, up from 18 EH/s.
This latest financial maneuver underscores Bitdeer's commitment to strategic growth and financial prudence. By securing long-term funding through convertible notes, the company can focus on expanding its operational capabilities and technological advancements, positioning itself for sustained success in the Bitcoin mining sector.
