Bitdeer Slides 14% on $1B ATM Plan to Fund AI, HPC Expansion
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Key Takeaways
- Bitdeer filed a prospectus supplement for the sale of up to $1 billion in Class A ordinary shares.
- The offering is structured as an at-the-market issuance through 12 appointed sales agents.
- Sales agents will receive a commission of up to 3.0% of the gross sales price of shares sold.
- Transactions may be conducted as block trades or directly on the Nasdaq Capital Market.
Bitdeer (NASDAQ: BTDR) shares tumbled Monday after the Bitcoin miner and AI data center operator disclosed a new at-the-market (ATM) stock program of as much as $1 billion.
The shares fell as much as 14% to $9.35 as of publishing. The stock opened 8.1% lower following the earnings release and extended its decline after a new prospectus for the ATM was submitted to the SEC.
The filing authorizes sales rather than requiring Bitdeer to issue the full amount. There is no minimum offering size, and the agents are not obligated to sell a specified number of shares.
Still, the potential scale is substantial. At the filing’s assumed price of $10.88, raising the entire $1 billion would require about 91.9 million new shares. That is equivalent to roughly 40% of the 227.4 million Class A shares outstanding at June 30. Bitdeer also had 44.4 million Class V shares outstanding.
