Bitdeer, a Singapore-based Bitcoin mining company, is attempting to raise $330 million through a convertible notes offering. This decision comes as the firm’s stock price continues to decline, with a 23% drop over the past month. The offering has been upsized by $30 million from an initially proposed $300 million, and investors will have the option to purchase an additional $45 million in notes. Unlike many crypto companies, Bitdeer has no plans to use the raised funds for acquiring Bitcoin, allocating instead for paying zero-strike call options, cash considerations, and funding data center expansions and mining rig developments. Bitdeer currently holds 1,351 Bitcoin, valued at approximately $140 million; this is a notable increase since earlier this year. The broader context sees Bitcoin mining facing challenges, as transaction fee shares fall to record lows, further tightening profit margins for miners. Despite a reported increase in Bitcoin mined, Bitdeer’s stock price reflected ongoing market pressures and investor sentiment, indicating tough times ahead for the mining sector.

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