Bitdeer Technologies Group (NASDAQ:BTDR) is one of the Massive Sell-Offs: These 10 Stocks Shockingly Nosedived.
Bitdeer Technologies slashed its share prices by 11 percent in just a week’s trading, from $12.68 on June 13 to $11.28 last Friday, tracking the week-on-week drop in Bitcoin prices.
On Friday, prices of Bitcoin declined by 2.62 percent to $103,309.6 from $106,090.97 on June 13, as trading sentiment was largely dampened by the ongoing geopolitical tensions between Israel and Iran.
Additionally, investors appeared to have soured on Bitdeer Technologies Group’s (NASDAQ:BTDR) plans to raise $330 million through a debt issuance.
In a statement last week, Bitdeer Technologies Group (NASDAQ:BTDR) said that it plans to issue convertible senior notes to qualified institutional investors until Monday, June 23.
The notes carry a yield rate of 4.875 percent to be paid semiannually on January 1 and July 1 until 2031, unless earlier converted, redeemed, or repurchased.
A construction team in a mining datacenter building work site with plans and equipment in hand.
According to Bitdeer Technologies Group (NASDAQ:BTDR), proceeds from the offer will be used for the payment of its zero-strike call option with an investor’s affiliate, concurrent note exchange transactions, as well as data center expansion, ASIC-based mining rig development, and other general corporate purposes.
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Disclosure: None. This article is originally published at Insider Monkey.
