Bitdeer Technologies Group stock plummeted after the company announced plans to issue $300 million in senior convertible bonds, along with an option to purchase an additional $45 million in a private placement. This is the second time Bitdeer has raised capital through this instrument, after a $150 million issuance in April 2024 that caused the stock to drop 18%.
The new bond tranche matures in 2032, is unsecured, pays interest semi-annually, and can be converted into cash, stock, or a combination of both. The company plans to use the funds to expand data centers, develop AI cloud services, and manufacture cryptocurrency mining equipment.
BTDR stock closed down 17.38% at $7.94 and has lost nearly 70% from its January 2025 peak, according to Google Finance.
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