Bitcoin Miner Bitdeer Launches $150M Convertible Notes Offering With 8.5% Yield – Mining Bitcoin Info
Bitdeer Technologies Group has recently announced its plan to raise $150 million through a convertible notes offering, with an annual interest rate of 8.5%. The offering is set to conclude on August 20, 2024. This move reflects the current trend in the bitcoin mining industry, where companies have collectively generated $2.1 billion from stock offerings in the second quarter.
The Notes Offering
Bitdeer’s convertible notes offering is intended to fuel the expansion of its data centers and the development of application-specific integrated circuit (ASIC) based mining rigs. The notes are anticipated to mature in 2029 and can be converted into Bitdeer’s Class A ordinary shares at an initial rate of 117.0207 shares per $1,000 principal amount, implying a conversion price of approximately $8.55 per share, representing a 35% premium over the last recorded sale price of $6.33 on August 15, 2024.
Industry Trends and Response
Bitdeer’s offering comes at a time when other bitcoin miners, such as MARA, Hive, Core, Terawulf, Cleanspark, Riot, Bitfarms, and Cipher, have collectively raised $2.1 billion through stock offerings in the second quarter. This reflects the continued growth and investment in the mining industry. The 8.5% annual yield offered by Bitdeer sets it apart from its counterparts in the mining industry, potentially attracting investors at a faster pace.
Market Performance and Management
Following the announcement, Bitdeer’s shares (BTDR) experienced a modest 2.05% increase, although they have remained 15.7% lower over the past five days. The offering is being managed by BTIG, with A.G.P./Alliance Global Partners, The Benchmark Company, Needham & Company, and Roth Capital Partners serving as co-managers.
Inquiries and Opportunities
What are your thoughts on Bitdeer’s convertible notes offering? Feel free to share your opinions in the comments section below.
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