Bitdeer Stock Plunges 17% on $300M Convertible Note Offering, BTC Miner Faces Dilution Concerns

Shares of Bitcoin mining company Bitdeer Technologies Group (BTDR) experienced a sharp decline, dropping approximately 17% following the announcement of a $300 million convertible senior note offering. The proposed offering, intended for qualified institutional buyers, has triggered significant investor concerns over potential equity dilution. Convertible notes are debt securities that can be exchanged for company stock, often leading to an increase in shares outstanding and a reduction in existing shareholders' ownership percentages. The market's negative reaction highlights investor apprehension regarding the financing move's impact on Bitdeer's valuation amidst the volatile cryptocurrency mining sector. The company plans to use the net proceeds for general corporate purposes, which may include funding expansion and infrastructure development.