ConvertibleActive
8.5% Convertible Notes due 2029
BTDR-Aug29
BTC Holdings
51 BTC
Total Debt
$1.14B
Leverage
27350.1%
mNAV
726.54x
Outstanding
$22.00M
Issue date
2024-08-20
Principal
$172.50M
Coupon
8.50%
Maturity
2029-08-15
Conversion price
$8.55
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior unsecured
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Payment dates
- Feb 15, Aug 15
- Rate type
- Fixed
- Forced conversion
- On or after Aug 20 2027 if stock >= 150% of conversion price for 20 of 30 consecutive trading days
- Call provision
- Redeemable at 100% of principal if less than $25M remains outstanding; tax redemption upon certain tax law changes
- Put provision
- At 100% of principal upon fundamental change
- Use of proceeds
- Datacenter expansion, ASIC mining rig development, working capital and general corporate purposes
Sources(2)
- $150M 8.50% Convertible S…Press Release$150M 8.50% Convertible Senior Notes due 2029 (upsized to $172.5M)Bitdeer Technologies Group — 2024-08-16
- Form 20-F (2024)FilingForm 20-F (2024)Note 17 — BorrowingsBitdeer Technologies Group — 2025-04-21
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-06-23 | Conversion | $22.00M $75.7M face exchanged for cash + stock concurrent with Jun 2025 offering | $330M 4.875% Convertible … |
| 2024-11-26 | Conversion | $97.70M $74.8M face exchanged for $16.6M cash + 9.2M shares concurrent with Nov 2024 offering | $360M 5.25% Convertible S… |
| 2024-08-20 | Issuance | $172.50M Includes $22.5M overallotment exercise | $150M 8.50% Convertible S… |
- 2025-06-23 — $22,000,000press_release — Bitdeer Technologies GroupSource
- 2024-11-26 — $97,700,000press_release — Bitdeer Technologies GroupSource
- 2024-08-20 — $172,500,000press_release — Bitdeer Technologies GroupSource