Bitdeer unlocks $1B cash through share sales, diluting shareholders by 30%
Bitdeer can raise up to 1 billion dollars through Class A share sales to fund its Tydal AI data center, needing about 500 million dollars. The prospectus filed on Aug. 10 does not set a minimum sale amount and does not commit to selling the full authorization or spending it all on Tydal. At an illustrative price of 10.88 dollars, a full draw would require about 91.9 million new shares, equating to 40.4% of the 227.4 million Class A shares outstanding as of June 30. The new shares would constitute about 28.8% of the enlarged Class A pool. The ATM can support various business lines, including data-center expansion and AI cloud growth, with management retaining discretion over proceeds. Bitdeer previously used the ATM structure, generating about 160.7 million dollars from 9.05 million shares since January 2025. The Aug. 10 filing registers up to 1 billion dollars for sale under this structure. Tydal's lease targets Dec. 31, 2026, for Phase 1 and March 31, 2027, for Phase 2, with obligations backed by approximately 1.3 billion dollars in letters of credit from JPMorgan and another institution. These letters are expected to provide support, not cash. Bitdeer may terminate the agreement if Volta misses credit milestones, while Volta has a no-fee termination right after year 10 of the 16-year term. Shareholders will be tested on how much of the ATM Bitdeer uses before Tydal's deadlines.
-- Price
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