Bitcoin mines and asic producer Bitdeer Technologies (BTDR) has completed a private ranking of $ 330 million of convertible senior notes, maturing July 1, 2031. Share – approx. 44% over Btdr’s current $ 11 trading price.
Bond’s conversion frequency of 62,9921 Class A shares per $ 1,000 meters means full conversion can give approx. 20.8 million new shares. To cover this, Bitdeer Bitdeer Barclays $ 129.6 million for a call option with a zero strike price of over 10.2 million shares, or 49% of total conversion. The setting allows Bitdeer to run conversions using shares from Barclays’ stock instead of tying its own stock.
Bitdeer uses approx. $ 129.6 million of the proceeds to finance the zero-strike call option, $ 36.1 million to pay the cash consideration for its contemporary note exchange transactions and the remaining funds for data center expansion, the development of its ASIC production and operating capital.
The company is currently working on new ASIC chip design that can potentially make its minerigs significantly more efficient than current models.
Shares are marginally lower in Wednesday’s trade.
