Bitdeer Raises $330M to Boost Bitcoin Mining Operations

Bitdeer Technologies Group, a Singapore-based Bitcoin mining company, has unveiled a $330 million convertible notes offering. The funds will support the expansion of its mining operations, development of next-generation ASIC hardware, and enhancement of its AI infrastructure.

The notes, set to mature in 2031, come with a 4.875% annual interest rate. Investors will have the option to convert these notes into Bitdeer’s Class A ordinary shares at approximately $15.88 per share. Remarkably, this represents a 25% premium over the current market price.

Bitdeer Targets Institutional Buyers

The convertible notes offering is targeted at qualified institutional buyers under Rule 144A of the Securities Act. It also includes a provision allowing for an additional $45 million in purchases within the next 13 days. If fully exercised, the total raise could reach $375 million. The offering is expected to close by June 23, 2025.

Notably, this is Bitdeer’s third convertible notes offering in the past 12 months, following a $150 million raise in August 2024 and $360 million in November. From the latest round, the company expects net proceeds of approximately $319.6 million.

Of that amount, Bitdeer plans to allocate $129.6 million toward purchasing a zero-strike call option. It also intends to earmark $36.1 million to support a concurrent exchange of existing convertible notes. The company’s data center expansion, ASIC mining rig development, and other corporate initiatives will receive the remaining funds.

Mining Capacity Rises

As part of a broader capital restructuring plan, Bitdeer is also conducting a partial exchange of its outstanding 8.50% convertible notes due in 2029. The firm is offering $36.1 million in cash and approximately 8.1 million shares in return for $75.7 million worth of the older notes.

The fundraising effort aligns with Bitdeer’s recent operational momentum. In May 2025, the company mined 196 BTC, valued at over $21 million at current prices. It also reported a boost in its self-mining hashrate to 13.6 exahashes per second. The increase was largely driven by the deployment of its proprietary SEALMINER rigs across facilities in Texas, Norway, and Bhutan.

At the time of writing, Bitdeer’s shares trade at $11.80 under the ticker BTDR on Nasdaq, giving the company a valuation exceeding $2.3 billion.

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