Bitdeer dives after unveiling planned convertible, direct stock offerings

Shares of bitcoin miner Bitdeer Technologies BTDR.O down 14.2% before the bell to $8.25, a 10-month low, as co looks to raise capital

Singapore-based BTDR announces proposed private placement of $300 mln convertible bonds (CBs) due 2032, and direct stock offering to certain holders of its 5.25% CBs due 2029

It plans to use combined net proceeds from the offerings for datacenter expansion, high-performance computing and AI cloud business expansion, ASIC-based mining rig development, among other purposes

Co also intends to use a portion of proceeds to pay for capped calls, derivative transactions to help mitigate dilution

Barclays is placement agent and ICR Capital is financial advisor for the direct stock offering

BTDR has about $1.8 bln market cap, per LSEG data

Through Weds close, BTDR shares down 14% YTD and off ~65% from record intraday high of $27.80 hit in Oct

12 of 13 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT of $22 down from $32 a month ago