Bitdeer’s Stock Plummets 17% as $300M Note Frenzy Sparks Dilution Drama!

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Finance

What to know:

  • Bitdeer’s $300 million convertible note shenanigans sent shares tumbling like a startled pigeon.
  • A side dish of registered direct share sales to keep investors guessing-and panicking.
  • Stock now trades at a 10-month low, proving even Bitcoin miners can’t escape gravity.

Oh, dear old Bitdeer Technologies (BTDR), always a masterclass in financial acrobatics! On Thursday, its shares performed a death-defying plunge after announcing a $300 million private sale of convertible senior notes. Because who doesn’t want to invest in a company that promises to turn debt into cash, shares, or a soggy mix of both by 2032? The underwriter even threw in a $45 million “greenshoe” option, because why not? It’s like a magic trick where the rabbit ends up in a tax bracket.

This Singapore-based marvel also plans to sell an unspecified number of Class A shares directly to certain note holders. The goal? To fund “capped call transactions” that will supposedly limit dilution. But let’s be honest-this is just a fancy way of saying, “We’ll throw some money at it and hope the math works out.” Proceeds will also go toward repurchasing old notes and funding data centers, AI cloud businesses, and ASIC mining rigs. Because nothing says “growth” like building more data centers than a squirrel hoards nuts.

Convertible debt, you see, is a bit like a gremlin in the engine. If the stock price rises, noteholders might just convert their debt into equity, and suddenly there are more shares than sense. Bitdeer’s capped calls are meant to soften the blow, but let’s not kid ourselves-hedging is just a game of chess where the market always checks you. And if you blink, it’ll checkmate your portfolio.

The registered direct offering? Conditional on the notes sale. Because nothing says “confidence” like making deals dependent on other deals. And the notes sale? It can proceed solo, because apparently, Bitdeer’s got more tricks up its sleeve than a magician at a Bitcoin conference.

By early morning trading, shares had sunk below $8 for the first time since April. A 10-month low, they call it. Or, as I call it, the day Bitdeer dug itself a hole deeper than a rabbit’s burrow. But fear not! With $300 million in hand, perhaps they’ll invent a mining rig that turns panic into profit. Or at least a better press release.

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2026-02-19 18:19