Mining Firm Bitdeer Plunges 19.5% on IPO Debut, $300 Million Convertible Bond Issuance Raises Equity Dilution Concerns

BlockBeats News, February 19th, according to Bitget market data, Bitcoin mining company Bitdeer (BTDR) today opened with a sharp 19.5% drop in stock price, with a current market value of $1.922 billion and a stock price of $836 million. Market analysis believes that concerns about equity dilution were triggered by its newly announced $300 million convertible bond issuance.

Today, the mining company Bitdeer (BTDR) announced its intention to issue, through private placement, $300 million in principal amount of 2032 convertible preferred notes, with plans to grant initial buyers up to an additional $45 million in purchase options. Some of the net proceeds from this issuance will be used to pay the cost of capped call transactions and to repurchase some of the 5.25% convertible bonds due in 2029. The remaining funds will be primarily used for data center expansion, high-performance computing and AI cloud business expansion, ASIC mining machine research and manufacturing, as well as working capital and other general corporate purposes.