Miner Weekly: Bitcoin Miner Convertible Bond $11 billion (and still on the rise) trend chart

2025-10-30 15:07:02

Bitcoin miners TeraWulf, Bitfarms, and REN have raised a total of $2.5 billion through convertible bond issuance in recent weeks, marking the strongest financing momentum in the industry in recent years. Due to strong institutional demand, TeraWulf has increased its issuance size to $900 million, while Bitfarms and REN completed transactions at face interest rates as low as 1.375% and 0%, respectively. Since mid-2024, publicly listed miners have raised over $11 billion through convertible bonds, with single issuance sizes expanding from $200 million to $400 million to approximately $1 billion. This trend reflects investor demand for Bitcoin-related stocks and AI infrastructure, as companies provide funding for capital accumulation and data center expansion, making zero-coupon bonds increasingly common.

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