Bitdeer Unlocks $1 Billion Cash Tap Through Existing ATM Program

Bitdeer, a prominent Bitcoin miner, has unlocked a $1 billion cash tap through its existing at-the-money (ATM) program. This financing option allows the company to raise funds for various purposes, including building its Tydal AI data center and expanding its operations.

The ATM structure, which was established in January 2025, had previously generated around $160.7 million in net proceeds from the sale of 9.05 million Class A shares. Now, with the prospectus supplement filed on August 10, Bitdeer has the capacity to raise up to $1 billion through the sale of new shares.

The filing sets no minimum sale amount and does not commit the company to spend all of the funds raised on Tydal. However, at an illustrative price of $10.88 per share, a full draw on the $1 billion ATM capacity would require approximately 91.9 million new shares, representing about 28.8% of the enlarged Class A pool.

While Bitdeer retains broad discretion over the proceeds, the company's management is expected to use some of the funds for Tydal's Phase 1 construction, which targets a December 31, 2026, commencement date. Additionally, tenant credit support is anticipated to provide backing for Volta Tydal AS's obligations.