Bitdeer Unleashes $1B Cash Tap, Potentially Diluting Shareholders

Bitdeer, a Bitcoin miner, has unlocked a $1 billion cash tap through its at-the-money (ATM) program, which could dilute shareholders by up to 30%. The existing ATM structure allows the company to raise funds by selling Class A shares, with an illustrative price of $10.88 triggering about 91.9 million new shares, or 28.8% of the enlarged Class A pool.

The prospectus supplement filed on August 10 sets no minimum sale amount and does not commit Bitdeer to sell the full authorization or spend all of it on Tydal, its AI data center project. However, the filing creates equity capacity equal to twice the roughly $500 million still needed for Tydal.

Tydal targets Phase 1 commencement by December 31, 2026, and Phase 2 by March 31, 2027. The tenant credit support remains subject to conditions, with Volta Tydal AS expected to have its obligations backed by approximately $1.3 billion of letters of credit arranged by affiliates of JPMorgan and another top-tier global financial institution.