Bitdeer Technologies Raises $330 Million in Convertible Notes
Industry veteran Bitdeer Technologies Group (“Bitdeer”), the Singapore-headquartered Bitcoin mining firm, announced plans on June 18th to issue $330 million in senior convertible notes. The primary objectives are supporting ongoing projects, including data center expansion and further development of ASIC-based mining rigs.
Notably, this new financing follows a $150 million debt raise in August 2024.
Funding Breakdown and Mechanics
The announced convertible notes carry a maturity date of 2031. $130 million is earmarked for a zero-strike call option transaction, while another $36 million will be utilized for concurrent note exchange transactions. The residual portion of the funds will be deployed into operational expansion efforts.
Convertible notes represent a common debt financing instrument in the cryptocurrency sphere. These instruments confer upon holders the option to convert the debt into equity shares at a predetermined rate. As a senior note, Bitdeer has prioritized this indebtedness, ensuring these obligations hold precedence over other forms of corporate debt.
Market Reaction and Recent Financials
At the time of announcement, Bitdeer’s market performance registered a slight intraday drop. Company shares exhibited a 7.2% decrease following the news, contributing to a 45.7% year-to-date decline.
Diluted Revenue Dips and Tether Gains Reported
Bitdeer’s Q1 2025 earnings report revealed a significant challenge, with a year-over-year revenue drop of 41%. The quarter also incurred an $3.2 million operating loss. Despite this, the company reported a net income exceeding $400 million—an outcome partly attributable to gains stemming from warrants and convertible notes granted by Bitdeer to Tether.
Fundraising Continues Amidst Intense Competition
Recent industry data from Blockchain.com underscores a trend of sustained fundraising activity within the Bitcoin mining sector during the first half of 2025. Examples include Riot Platforms increasing its Coinbase credit facility to $200 million and CleanSpark securing a $200 million facility from Coinbase Prime.
This persistent capital raising signals escalating competitive pressures within the mining landscape—a phenomenon potentially linked to the increasing Bitcoin hashrate and the maturing digital asset ecosystem.
The Role of Network Hashrate
The Bitcoin network hashrate functions as a critical indicator, measuring the aggregate processing power dedicated to securing the blockchain. This metric typically escalates alongside positive market indicators like rising prices and institutional adoption, creating a virtuous cycle where greater participation and computational demands fuel further investment.
