Bitdeer (BTDR) news: Bitcoin miner tumbles 17% on debt raise and stock sale

CoinDesk

by Krisztian Sandor

February 19, 2026

AI-Generated Deep Dive Summary

Bitcoin miner Bitdeer (BTDR) saw its shares tumble 17% after announcing plans to raise $300 million through a private sale of convertible senior notes and a registered direct offering of Class A shares. The move aims to repurchase existing debt and fund expansion efforts, including building out data centers and growing its high-performance computing (HPC) and AI cloud businesses. However, the decision has sparked concerns about potential share dilution, as convertible notes could convert into equity if Bitdeer’s stock price rises in the future. The company plans to use proceeds from both offerings to execute capped call transactions, which are designed to limit the impact of dilution if the new notes convert. These transactions involve buying call options to offset the costs associated with potential share issuance. While this strategy aims to mitigate risks, it adds complexity and volatility to Bitdeer’s financial picture. The convertible senior notes due in 2032 come with a greenshoe option for an additional $45 million, further raising questions about long-term equity dilution. Bitdeer also intends to sell Class A shares directly to certain holders of its 5.25% convertible notes due 2029, adding another layer of complexity to the capital-raising efforts. The company’s dual-pronged approach—repurchasing older debt and issuing new securities—reflects a strategic balance between managing existing liabilities and investing in growth opportunities. The sharp drop in Bitdeer’s shares highlights investor nervousness over the potential dilution effects of convertible debt. This sentiment is compounded by the fact that convertible notes often put downward pressure on stock prices,

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Originally published on CoinDesk on 2/19/2026