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SINGAPORE - Bitcoin mining technology company Bitdeer Technologies Group (NASDAQ:BTDR), currently valued at $2.43 billion, announced Monday it will redeem all outstanding convertible senior notes totaling $7.7 million ahead of their 2029 maturity date. According to InvestingPro data, the company faces challenges with cash burn and profitability, reporting negative EBITDA of $198.12 million in the last twelve months.
The company has set September 23, 2025, as the cleanup redemption date for its 8.50% convertible senior notes. Bitdeer will pay noteholders 100% of the principal amount plus accrued and unpaid interest from August 15 to the redemption date. The stock has experienced significant volatility, with a year-to-date decline of 43%, though InvestingPro analysis indicates the current price aligns with its Fair Value.
Noteholders retain the option to convert their holdings into Bitdeer Class A ordinary shares until September 19, 2025. The conversion rate has been set at 127.9743 Class A ordinary shares per $1,000 principal amount, which includes an increase of 10.9536 shares per $1,000 principal amount resulting from the cleanup redemption call.
The company stated it will settle any conversions during the redemption period by delivering Class A ordinary shares, with cash payments for any fractional shares.
Bitdeer, headquartered in Singapore with data centers in the United States, Norway, and Bhutan, specializes in providing Bitcoin mining solutions including equipment procurement, logistics, datacenter operations, and management services.
The information in this article is based on a company press release statement.
In other recent news, Bitdeer Technologies Group has reported its second-quarter 2025 earnings, showcasing significant revenue growth across its business segments. The company’s revenue exceeded expectations, particularly due to strong ASIC sales and the sale of 5 EH/s of mining rigs, which generated $69.5 million. Following the earnings release, several analyst firms have reiterated their positive outlooks on Bitdeer. Benchmark maintained its Buy rating with a price target of $240, citing meaningful progress in the company’s operations. BTIG also kept its Buy rating, raising its fiscal year 2025 revenue estimate to approximately $564 million, reflecting adjustments in several factors including Bitcoin price and global hash rate. Cantor Fitzgerald increased its price target to $25, attributing the change to higher peer multiples in the cryptocurrency mining sector. H.C. Wainwright and Rosenblatt Securities both reiterated their Buy ratings, with price targets of $19 and $20, respectively, indicating continued confidence in Bitdeer’s growth trajectory. These developments highlight a positive outlook for Bitdeer among analysts, driven by its robust financial performance and strategic advancements.
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