Bitdeer Technologies (BTDR), a Bitcoin Miner and ASIC maker, completed a $330 million private placement of mature, convertible senior notes on July 1, 2031. The memo features interest at 4.875% and a conversion price of $15.87 per share.
Shares per $1,000 Class A stock of 62.9921 in bonds could earn around 20.8 million shares by converting a full $1,000 principal shares. To cover this, Bitdeer Prepaid Barclays is $129.6 million for call options with a strike price of over 10.2 million shares, or 49% of total conversions. This option allows BitDeer to resolve conversions using stocks from Barclays inventory, rather than tying its own stock.
Bitdeer used revenue of approximately $129.6 million to fund the zero strike call option, using $36.1 million to pay cash consideration for the concurrent note exchange transaction, remaining funds for Datacenter expansion, ASIC manufacturing and working capital development.
The company is currently working on a new ASIC chip design, which could make mining rigs virtually more efficient than current models.
Stocks were slightly lower in Wednesday’s trading.