Bitdeer has completed a $330 million convertible bond issuance, with the funds to be used for SEALMINER mining rig development and data center expansion.

BlockBeats News: On June 18, Bitdeer successfully completed a $330 million convertible bond issuance with a coupon rate of 4.875%, maturing in 2031. This marks the third time in the past year that the Bitcoin mining company has raised funds through a convertible bond offering. The funds will be used for SEALMINER mining machine research and development as well as the expansion of its data centers. This private placement was directed at qualified institutional investors, exceeding the originally planned $300 million target and including a $45 million greenshoe option.

According to the Wednesday announcement, $129.6 million of the raised funds will be allocated for at-the-money call option hedging, and $36.1 million in cash will be used to refinance previously issued high-interest 8.5% convertible bonds. As part of its debt restructuring, Bitdeer has also repurchased $75.7 million of convertible bonds that were issued in August 2024 (which previously carried the highest interest rate among publicly listed mining companies). This repurchase was completed through a combination of cash payments and the issuance of 8.1 million shares, with an implied stock price of approximately $5—representing a 57% discount to the current market price of $11.80. This allowed bondholders to exit with a profit while significantly reducing the company’s interest burden. As a result, Bitdeer’s share price fell 13% at market open on Wednesday.