Bitdeer attracts $300 million for ASIC miner development and cloud services

On February 19th, Bitdeer (BTDR), one of the leading players in cryptocurrency mining, announced a major capital raising program. The company plans to issue $300 million in convertible preferred notes with a maturity date in 2032. Investors will also have the option to purchase additional securities up to $45 million, allowing the company to mobilize a larger pool of resources if market interest is strong.

Financial Terms and Repayment of Existing Obligations

Part of the funds raised will be used to repay existing 5.25% convertible bonds due in 2029. This will help optimize the company’s debt structure and reduce capital costs. At the same time, Bitdeer will leverage market pricing opportunities to hedge through options with limiting conditions, reducing volatility risk during bond conversion.

ASIC Miners and Cloud Platforms at the Core of Growth Strategy

The remaining capital will serve as a catalyst for the company’s strategic development. Key investment areas include expanding data center capacities, creating high-performance computing complexes, and scaling cloud platforms for AI-based solutions. Special focus is given to developing and manufacturing proprietary ASIC miners, which will strengthen vertical integration and reduce dependence on external equipment suppliers. Additionally, some funds will be allocated to working capital and other corporate initiatives.

This decision demonstrates Bitdeer’s ambitious plans to expand its presence both in the mining market and in the rapidly growing cloud computing segment for AI applications.