Bitcoin mining firm Bitdeer Technologies is seeking to raise $330 million through a new convertible notes offering—its third since mid-2024—as part of a broader push to expand operations and upgrade its mining infrastructure.
According to a company statement released Wednesday, the Nasdaq-listed firm is offering notes with a 4.875% annual yield, maturing in 2031. The notes carry a 25% conversion premium above Bitdeer’s current share price. If investors fully subscribe to the additional allotment option within the 13-day window, total proceeds could climb to $375 million.
Bitdeer expects net proceeds between $320 million and $360 million. Around $160 million is allocated for zero-strike call options and concurrent note exchanges, with the remainder supporting ASIC miner upgrades, working capital, and other corporate needs.
Bitdeer Builds on Aggressive 2024 Funding Streak
This $330 million convertible note issuance continues Bitdeer’s assertive fundraising strategy throughout 2024. The company raised $150 million in August 2023 and followed with a $360 million offering in November. In May 2025, Bitdeer closed a separate equity deal with stablecoin issuer Tether, selling $100 million worth of shares.
Most recently, Bitdeer secured a $200 million debt facility with Matrix Finance, of which $40 million has been drawn. Both companies are led by Jihan Wu, the influential co-founder of Bitmain and a key figure in global crypto mining.
The consistent capital injections reflect Bitdeer’s efforts to remain at the forefront of an increasingly competitive industry driven by scale, energy optimization, and access to high-efficiency ASIC machines.
Bitdeer Market Cap Tops $2.3B Despite Revenue Dip
Listed under the ticker BTDR, Bitdeer shares are trading at $11.84 with a market capitalization exceeding $2.3 billion, according to the latest Nasdaq data.
Headquartered in Singapore, Bitdeer runs mining operations in the United States, Norway, and Bhutan. While direct mining revenue dropped 41% year-over-year in Q1 2025, total income surged past $400 million—fueled by gains from non-cash derivatives.
The performance points to Bitdeer’s evolving strategy of income diversification amid fluctuating crypto prices, increased regulatory scrutiny, and operational cost pressures across the sector.
Quick Facts
- Bitdeer aims to raise $330M via convertible notes maturing in 2031.
- Proceeds will support ASIC upgrades, note exchanges, and operations.
- This marks the firm’s third major raise since mid-2024.
- Despite revenue decline, Bitdeer’s total income topped $400M in Q1.
