Bitdeer shares plummeted by 14% amid the announcement of a $330 million bond issuance.

Bitcoin miner Bitdeer Technologies announced the placement of convertible bonds worth $330 million. The offering was increased from the initial $300 million and includes an option for an additional $45 million for early investors.

Unlike companies such as Strategy (MicroStrategy) or Riot Platforms, Bitdeer does not plan to use the funds raised to buy bitcoin. According to the firm, $129.6 million will be used to cover risk-free call options, and $36.1 million will be used to settle them.

The remaining funds will be allocated to the expansion of data centers, the production and development of ASIC equipment, as well as for general corporate needs, according to the press release.

Although Bitdeer does not pursue an aggressive Bitcoin strategy like MARA or Riot Platforms, as of early June 2025, it held a balance of 1351 BTC worth approximately $140 million. This is more than double compared to December 2024. From April to May, the company’s mining of the first cryptocurrency increased by 18%, however, the firm’s stock continues to experience a prolonged decline.

Securities under the ticker BTDR fell by 14% after the initial bond issuance announcement made on June 17. Over the past 24 hours, the stock price has declined by more than 7%, according to TradingView. At the time of publication, the company’s securities are trading at $11.8.

In the last month, the quotes have dropped by 20.3%, and since the beginning of 2025, the decline has amounted to 46.5%. The company’s market capitalization is $2.32 billion.

March of last year was especially disastrous for the company, which analysts from the financial group JPMorgan Chase called the worst in history for public Bit miners.

In the context of rising costs and market uncertainty, investors reacted negatively to the news of the issuance of bonds without a direct link to crypto reserves, experts believe. This increased pressure on the company’s shares, which had previously positioned itself as a more resilient player compared to its competitors.

Let us remind you that we wrote that the income of Bitcoin miners from transaction fees has fallen below 1%.