Bitdeer Plans New $300M Convertible Bonds Aimed at Deleveraging

In press releases on Thursday, the Singapore-based miner and AI infrastructure developer said it intends to offer $300 million of convertible senior notes due 2032 in a private placement to qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy up to an additional $45 million in notes. The company said the notes would be senior unsecured obligations, with the interest rate, conversion terms and other key provisions to be set at pricing.

Separately, Bitdeer (NASDAQ: BTDR) said it plans a registered direct offering of its Class A ordinary shares to certain holders of its November 2029 notes. Proceeds from the share sale, together with a portion of the proceeds from the 2032 notes (if completed), are expected to fund capped call transactions and provide cash for privately negotiated repurchases of part of the 2029 notes. Remaining proceeds would be used for data center expansion, its HPC and AI cloud business, ASIC development and manufacturing, and general corporate purposes, the company said.

The transactions are structured with interdependencies: Bitdeer said completion of the registered direct offering depends on completion of the notes offering and the note repurchase transactions, while the repurchases also depend on the notes and equity legs. The notes offering itself is not contingent on the other components, according to the releases.

The latest plan echoes a playbook Bitdeer has used before. In November 2025, Bitdeer combined a convertible issuance with a registered direct equity offering and used part of the proceeds to repurchase $200 million principal amount of its 2029 converts while also paying for capped calls.

Bitdeer has leaned on debt financing over the past year to support fleet and infrastructure expansion while also funding its proprietary SEALMINER roadmap. In materials tied to a September 2025 SEC filing, the company disclosed a Matrixport financing facility of up to $400 million with loans bearing 8.35% annual interest, and previously described an April 2025 Matrixport loan facility where borrowings carried a variable rate of 9% plus a reference rate.

The refinancing push comes as bitcoin mining profitability has been under pressure. Hashprice — a commonly used proxy for miner revenue per unit of hashpower — fell to record-low levels in early February as bitcoin slid below $70,000,

Bitdeer's stock is down 15% during the pre-market trading hours on Thursday following the financing plans.