Key Details:

• Bitdeer Technologies has successfully achieved a $330 million private placement of convertible senior notes, set to mature in 2031.
• The notes come with an interest rate of 4.875% and are priced with a conversion rate of $15.87 per share, reflecting a 44% premium over Bitdeer’s current market value.
• Funds from this placement will be allocated towards a call option to manage conversions as well as facilitate the expansion of datacenter infrastructure and advancements in ASIC technology.

Overview of the Financing:

Bitdeer Technologies, recognized as a key player in the cryptocurrency mining landscape, has completed a substantial $330 million financing by placing convertible senior notes with a maturity date set for July 1, 2031. These notes bear an interest of 4.875% and offer a conversion price significantly higher than current trading levels, suggesting confidence in the company’s future.

The company will utilize part of the proceeds to establish a call option, which enables conversions to be settled using shares sourced from Barclays’ inventory. This strategy minimizes the necessity to utilize Bitdeer’s own stocks for conversion, ensuring liquidity in proprietary shares.

For additional information regarding progress on new ASIC chip designs and their expected efficiency improvements, please refer to the full article at CoinDesk.