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<p><strong>Key Points:</strong></p>   
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 <li><em>Bitdeer issued $360 million in 5.25% convertible notes maturing in 2029, with proceeds allocated for data centre expansion.</em></li>   
 <li><em>The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with an initial price of $15.95 per share.</em></li> 
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<h5 class="wp-block-heading">Bitdeer Technologies <a href="https://www.globenewswire.com/news-release/2024/11/22/2985936/0/en/Bitdeer-Announces-Pricing-of-US-360-0-Million-Convertible-Senior-Notes-Offering.html" target="_blank" rel="noreferrer noopener">announced</a> the pricing of its $360 million 5.25% convertible preferred notes, which are intended for qualified institutional buyers.</h5>   
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<p class="has-background" style="background-color:#222222">Read more: <a href="https://coincu.com/286260-senator-lummis-urges-bitcoin-reserve/" target="_blank" rel="noreferrer noopener"></a><a href="https://coincu.com/291778-bitwise-aptos-staking-etp-will-be-launched/"></a><a href="https://coincu.com/292454-microstrategy-bitcoin-holdings-exceed-nikes/"></a><a href="https://coincu.com/292201-sec-chair-gary-gensler-hints-at-exit/"></a><a href="https://coincu.com/291801-crypto-billionaire-fortunes-increase-strongly/"></a><a href="https://coincu.com/262831-bitdeer-acquires-asic-designer-desiweminer-140m/">BitDeer Acquires ASIC Designer Desiweminer In A Monumental $140M Deal</a></p>   
<h2 class="wp-block-heading" id="bitdeer-convertible-notes-offered-for-expansion">Bitdeer Convertible Notes Offered for Expansion</h2>   
<p>The Bitdeer convertible notes will mature on December 1, 2029, and provide an option for initial purchasers to buy up to an additional $40 million in principal notes within 13 days from the date of issuance. The transaction is expected to close on November 26, 2024.</p>   
<p>The notes will constitute senior unsecured obligations, bearing interest at 5.25% per annum, payable semiannually on June 1 and December 1, beginning June 1, 2025. Upon conversion, <a href="https://coincu.com/216216-bitdeers-explosive-august/" target="_blank" rel="noreferrer noopener">Bitdeer</a> may provide cash, Class A ordinary shares, or a combination of both at its discretion. The initial conversion rate is 62.7126 Class A shares per $1,000 of principal, equivalent to an initial conversion price of $15.95 per share-representing a 42.5% premium to the November 21 closing price on Nasdaq.</p>   
<p>Bitdeer expects to realize net proceeds of $348.2 million after expenses, which could increase to $387 million if additional subscription rights are fully exercised. The net, after collecting proceeds from Bitdeer convertible notes, will be used to finance the data centre expansion, ASIC mining machine R&amp;D, and daily operations.</p>   
<p>In this regard, Bitdeer also announced an exchange agreement with holders of some of its 8.50% convertible bonds due in 2029.</p>   
<h2 class="wp-block-heading" id="crypto-companies-ramp-up-funding-through-convertible-notes">Crypto Companies Ramp Up Funding Through Convertible Notes</h2>   
<p>The announcement comes as other cryptocurrency-focused companies continue leveraging convertible note offerings. <a href="https://coincu.com/271938-marathon-digital-bitcoin-investment-continues/" target="_blank" rel="noreferrer noopener">Marathon Digital Holdings</a> recently raised <a href="https://coincu.com/293235-mara-convertible-notes-offering-now-completed/" target="_blank" rel="noreferrer noopener">$1 billion through zero-coupon convertible notes</a>, directing $801 million toward Bitcoin purchases and $199 million to debt repurchases.</p>   
<p>Similarly, MicroStrategy <a href="https://coincu.com/293298-microstrategy-convertible-notes-now-out-of-stock/" target="_blank" rel="noreferrer noopener">completed</a> a $3 billion offering of 0% convertible senior notes, using the $2.97 billion net proceeds to acquire additional Bitcoin and support general corporate operations.</p>   
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    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
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Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

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