Bitdeer Technologies Group BTDR reported on Friday that has liquidated its entire bitcoin BTC treasury, after selling 189.8 BTC that the company produced during the reporting period. This move comes as mining profitability continues to plunge while the company prioritize the restructuring of its debt and focus on the AI sector.
On February 20, Bitdeer announced a $43.7 million share offering and a convertible notes financing package. Bitdeer intends to use the net proceeds from the registered direct offering and the notes offering: (i) to pay the approximately US$29.2 million cost of the capped call transactions that Bitdeer entered into with one of the initial purchasers or its affiliate and other financial institutions; and (ii) to pay the approximately US$138.2 million cost of repurchasing for cash US$135.0 million aggregate principal amount of Bitdeer’s 5.25% convertible senior notes due 2029 in privately negotiated transactions effected through its agent.
Bitdeer intends to use the remaining net proceeds from the registered direct offering and the notes offering 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 Technologies Group BTDR closed the trading session on Friday down almost 2% at $7.78 and a market capitalization at 1.83 billion. BTDR stock is down 30% since the beginning of the year and is down 5% in the last five trading sessions.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).
