Bitdeer shares hit 10-month low after $300M note plan

Bitcoin cloud mining firm Bitdeer (BTDR) has announced plans to issue $300 million in convertible notes and conduct a direct sale of its Class A shares. According to CoinDesk, the proceeds will be used to fund capped call transactions to limit share dilution upon conversion of the new notes and to privately purchase a portion of its convertible notes due in 2029. The capital will also be allocated to expanding data centers, developing high-performance computing and AI cloud businesses, and creating ASIC-based mining equipment. Following the announcement, Bitdeer's stock fell 17% to a 10-month low. BTDR is currently trading at $8.29, down 13.88%.