B. Riley Securities, a full-service investment bank, acted as bookrunner in connection with the offering of $325 million aggregate principal amount of 5.00% convertible senior notes due 2032 by Bitdeer Technologies Group, a Bitcoin mining and AI infrastructure company. The offering was upsized in response to robust investor demand.
The notes bear interest at a rate of 5.00% per annum, payable semiannually and will mature March 1, 2032. The initial conversion price is approximately $9.93 per Class A ordinary share, representing a 25% premium over Bitdeer’s concurrent registered direct offering price. The notes were offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. Bitdeer has granted the initial purchasers an option to purchase up to an additional $50 million principal amount of notes.
Bitdeer intends to use net proceeds from the offering, together with net proceeds from its concurrent registered direct offering, to fund the capped call transactions that Bitdeer entered into with certain of the initial purchasers and other financial institutions and to pay the approximately $138.2 million cost of repurchasing for cash $135.0 million aggregate principal amount of Bitdeer’s 5.25% convertible senior notes due 2029. The remaining net proceeds from the notes offering are intended for datacenter expansion, HPC and AI cloud business expansion, ASIC based mining rig development and manufacture, as well as working capital and other general corporate purposes.
Bitdeer is a leading Bitcoin mining and AI infrastructure technology solutions provider, headquartered in Singapore with datacenters in the United States, Norway, Bhutan, and other countries.
B. Riley Securities’ investment banking team was led by Joe Nardini with Joe Nardini, Jr. and Henry Gullen. The capital markets team was led by Pat Pilouk, Jimmy Baker and Ryan Aceto, with Dawn Farrell and Bishal Ghosh.
