Crypto miners are reshaping ownership in 2025. Bitdeer is funding growth with a US$400.0 million Convertible Senior Notes private placement and a Registered Direct Offering of Class A Ordinary Shares. In parallel, CleanSpark taps a US$1.15 billion 0% Notes deal paired with a $460 million Share Buyback and a 27.5% conversion premium. These moves rewrite dilution expectations, balance sheets, and investor appetite. [1][3][4][5]
Bitdeer financing mix - Convertible Senior Notes – US$400 million private placement [1] - Registered Direct Offering of Class A Ordinary Shares [3]
CleanSpark financing mix - 0% Notes – about US$1.15 billion [4], supported by a Share Buyback of roughly US$460 million and a 27.5% conversion premium with a conversion price around $19.16 per share [5] - Convertible notes discussions referenced in ongoing talks [299]
Implications and appetite - Bitdeer’s combo links debt with equity upside, creating potential dilution on conversion and a fresh equity layer via the direct offering [1][3]. - CleanSpark argues the deal is disciplined leverage: no interest, a large buyback, and a conversion setup that could still limit net dilution (full conversion ≈60M shares; net ~7% after buyback) [5]. [6] - Ongoing CLSK discussions about convertibles highlight how these structures remain in play as miners fund ramps in 2025 and beyond [299].
Closing thought: balance sheets are being rebalanced for the long haul, with investors watching who converts first and how soon the math pays off.
References
Bitdeer Announces Proposed Private Placement of US$400.0 Million of Convertible Senior Notes - BTDR
Bitdeer seeks to raise US$400M via convertible senior notes, private placement.
View sourceBitdeer Announces Proposed Registered Direct Offering of Class A Ordinary Shares - BTDR
Bitdeer (BTDR) announces proposed registered direct offering of Class A ordinary shares, signaling fundraising activity for a crypto mining company
View source$CLSK: $1.15B 0% Notes - Why It’s Bullish (No FUD)
Examines CLSK with 0% notes; argues bullish case, counters FUD about crypto mining profits and leverage, and growth potential
View source$CLSK: $1.15B 0% Notes - Why It’s Bullish (No FUD)
Analyzes CleanSpark 0% convertible notes, buyback, dilution effects; expansion into AI/HPC data centers and BTC mining growth; mixed outlook today.
View source$CLSK just pulled off one of the cleanest raises we’ve seen in the Bitcoin mining space 👇 ✅ $1.15B C
Brady Lindquist highlights CleanSpark's convertible notes, buyback, no equity dilution, funding for power and AI data center expansion, growth strategy.
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