$1B Cash Tap Unlocked for Bitdeer's Ambitious AI Data Center Plans

Bitdeer, a Bitcoin miner, has unlocked a $1 billion cash tap through its at-the-money (ATM) program. This program allows the company to raise funds by selling Class A shares, which could dilute existing shareholders by up to 30%. The ATM can support various business lines, including data center expansion and AI cloud growth.

The company has already used this structure before, raising $160.7 million from 9.05 million Class A shares sold since January 2025. Bitdeer plans to use the funds to build its Tydal AI data center, which is expected to commence Phase 1 by December 31, 2026, and Phase 2 by March 31, 2027.

Volta Tydal AS, the tenant of the data center, has secured $1.3 billion in letters of credit from affiliates of JPMorgan and another global financial institution. However, these credits are expected to provide support rather than cash already secured, and Bitdeer can terminate the agreement if Volta misses certain milestones.