Bitdeer Technologies Group Shares Drop 8% Following $330M Convertible Notes Offering

Bitdeer Technologies Group (BTDR) shares fell sharply by 8.43% to $11.63 in early trading on June 18, 2025, after announcing a $330 million convertible senior notes offering. The stock struggled to recover, remaining below the $11.75 threshold throughout the session.

The private placement targets institutional buyers under Rule 144A, featuring a 4.875% interest rate and a 25% conversion premium set at $15.88 per share. The notes, maturing in July 2031, include an underwriter option for an additional $45 million purchase within 13 days. Early redemption is possible after July 2028, contingent on market conditions.

Proceeds are earmarked for expansion in AI and mining operations, signaling Bitdeer's strategic pivot toward high-growth sectors. The convertible structure introduces potential dilution risk, contributing to the stock's volatility.