February 27, 2026 - B. Riley Securities, Inc., a leading full-service investment bank, announced its role 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 (Nasdaq: BTDR) ("Bitdeer"), a leading 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.
Read more about the
transaction here.
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