Bitdeer Technologies (BTDR) Announces $150M Share and Warrant Offering

Bitdeer Technologies Group (Nasdaq: BTDR) today announced that it entered into a subscription agreement with Tether International Limited (“Tether”) for the private placement of 18,587,360 Class A ordinary shares and a warrant to purchase up to 5,000,000 additional shares at $10.00 per share. The closing of the private placement occurred on May 30, 2024.

The transaction generated $100 million in gross proceeds from the share issuance and could provide an additional $50 million if the warrant is fully exercised. The warrant is subject to customary anti-dilution provisions reflecting share dividends and splits or other similar transactions, and weighted average anti-dilution protection with respect to the issuance of ordinary shares or ordinary share equivalents for consideration per share less than the initial exercise price of the warrant. The warrant is exercisable at Tether’s discretion within 12 months after closing.

Bitdeer intends to use the net proceeds from this private placement to fund its data center expansion, ASIC based mining rig development and for working capital and other general corporate purposes.

“We are thrilled to welcome Tether as a significant investor in Bitdeer,” said Linghui Kong, Chief Business Officer of Bitdeer. “This substantial investment demonstrates confidence in our vision and the strength of our extensive global operations. With Tether's support, we are poised to accelerate our growth and continue our leadership in sustainable and efficient bitcoin mining. This partnership marks a significant milestone for Bitdeer, and we look forward to achieving great things together.”

“Tether is delighted to be working with Bitdeer. We regard Bitdeer as one of the strongest vertically integrated operators in the Bitcoin mining industry, differentiated by its cutting-edge technologies, and a robust R&D organization,” said Paolo Ardoino, CEO of Tether. “Bitdeer’s proven track record and world-class management team are perfectly aligned with Tether’s long-term strategic vision. We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward.”

Cantor Fitzgerald & Co. is acting as the placement agent for the private placement. The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States without registration or an applicable exemption from such registration requirements. The Company has committed to filing registration statements with the U.S. Securities and Exchange Commission for the resale of the ordinary shares issuable in connection with this private placement, including upon exercise of the warrant.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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