Bitdeer Technologies Group, a Bitcoin mining company based in Singapore, announced the offer of $330 million in senior convertible notes to support multiple initiatives, including data center expansion and further development of ASIC-based mining rigs.
According to the announcement, the convertible notes will be due in 2031. Of the total, $130 million will be allocated to a zero-strike call option transaction, while $36 million will be used to settle concurrent note exchange transactions. The remaining proceeds will go to expand the company’s operations.
The new offering follows a $150 million similar debt raise in August 2024.
Convertible notes are a form of debt financing that companies issue to raise capital. The notes can typically later be converted into equity or an ownership stake in the company. A senior convertible note has priority over other types of debt issued by the company.
At the time of this writing, Bitdeer’s shares have fallen 7.2% on the day of the announcement. The company’s shares are down 45.7% year-to-date.
In May, the company’s Q1 2025 earnings report revealed a year-over-year drop in revenue of 41%, in addition to a $3.2 million operating loss for the quarter. The company also reported a net income of over $400 million, partially due to gains on warrants and convertible notes issued to Tether.
Related: Bitdeer snaps up 101-megawatt Canada site as stock tanks
Bitcoin mining company fundraises continue
Bitcoin mining companies continued raising capital through the first half of 2025, according to Blockchain.com.
On May 20, Riot Platforms announced an upsizing of its credit facility with Coinbase to $200 million from $100 million. In April 2025, Auradine revealed a raise of $153 million during a Series C funding round. CleanSpark secured a $200 million credit facility from Coinbase Prime.
The fundraising activity may signal increased competition in the Bitcoin mining industry, coinciding with a rising hashrate and growing adoption of digital assets by institutional investors.
The Bitcoin hashrate measures the total computational power being used to secure the network through cryptographic puzzles required to validate transactions and block generation.
Generally, the hashrate tends to increase over time, driven by rising Bitcoin prices and broader adoption, incentivizing more miners to enter the network. In turn, the growing demand for computational efficiency often increases the need for capital investment.
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