Bitdeer filed a private sale of $300 million in convertible senior notes due 2032 (plus $45M greenshoe) that can convert to cash, shares or a mix, and launched a related registered direct offering of Class A shares tied to holders of its 2029 convertible notes. Proceeds will fund capped-call hedges, repurchase part of the 2029 notes, and finance data-center expansion, HPC/AI cloud growth and ASIC mining-rig development. The convertible-debt plan and conversion risk prompted a roughly 17% drop in the stock, trading below $8; the registered direct depends on completing the notes sale while the note offering can proceed independently.

Company announced $300M convertible senior notes (2032, $45M greenshoe) convertible to cash/shares, plus a registered direct share offering tied to 2029 noteholders; plan targets hedges, repurchases and capex. The market reacted with ~17% share decline to below $8, and the registered direct is conditional on the notes sale while the notes can proceed alone — all facts that create concrete dilution risk and near-term downside for the stock.