Bitdeer raises $330 million to expand Bitcoin mining and AI operations

Singapore-based BitDeer Technologies Group has launched a $330 million convertible note offer with the aim of strengthening mining operations, developing ASIC rigs and expanding AI infrastructure.

The memo, scheduled for 2031, will be converted to Bitdeer Class A stock at a 25% premium with an annual interest rate of 4.875% and currently at a stock price of $11.84, placing a conversion price of around $15.88 per share.

This offer is intended for qualified institutional buyers under Rule 144A of the Securities Act. If investors exercise their option to buy more within 13 days, the offering could reach $375 million.

This is Bitdeer’s third convertible note raise. Previously, the company had secured $150 million in August and $360 million in November last year. According to Bitdeer, the offering is scheduled to close on June 23, 2025.

The net revenue is expected to total approximately $319.6 million. Approximately $129.6 million will be allocated to zero strike call options, with $36.1 million allocated for concurrent note exchanges. The remaining funds will support data center expansion, new ASIC rig development, and general company needs.

Bitdeer is also offering note exchanges, providing cash and shares to 8.50% convertible memo holders in 2029. The transaction includes approximately $36.1 million in cash and 8.1 million shares, and was exchanged for $75.7 million of outstanding bills.

This announcement follows Bitdeer’s recent growth. As previously reported, the company mined 196 BTC in May (over $21 million) and expanded its self-mining hashrate to 13.6 EH/s. The new Sealminer rig has been deployed at sites in Texas, Norway and Bhutan, and has officially launched an AI cloud platform powered by a large language model.

“In May 2025, we continued to deploy seal mining mining rigs to sites in Texas, the US, Norway and Bhutan, bringing Bitdia self-mining hashrate to 13.6 EH/S.”

Bitdeer also raised Capital from Tether in 2024, securing $40 million in May from its debt facility with Matrix Finance. Both Bitdeer and Matrix are led by Jihan Wu, co-founder of Bitmain.

With its market capitalization currently exceeding $2.3 billion, Bitdeer continues to invest in expanding its infrastructure and technology as competition for Bitcoin mining and AI computing intensifies.