Mining Firm Bitdeer Plunges 19.5% at Opening as $300 Million Convertible Bond Issuance Raises Equity Dilution Concerns

BlockBeats News, February 19th, according to Bitget market data, Bitcoin mining company Bitdeer (BTDR) opened today with a sharp 19.5% drop in stock price, with a current market value of 1.922 billion US dollars and a stock price of 836 million US dollars. Market analysis believes that concerns over equity dilution were triggered by its newly announced $300 million convertible bond issuance.

Mining company Bitdeer (BTDR) announced today that it intends to issue a total principal amount of $300 million of 2032 convertible senior notes through a private placement, and plans to grant initial purchasers up to $45 million in additional purchase options. Some of the net proceeds from this offering will be used to pay the capped call transaction costs and to repurchase a portion of the 5.25% convertible bonds due in 2029. The remaining funds will be primarily used for data center expansion, high-performance computing and AI cloud business expansion, ASIC miner research and manufacturing, as well as working capital and other general corporate purposes.