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Bitdeer files up to $1B ATM to fund data center and AI expansion
The prospectus supplement filed Aug. 10 allows up to 91.9 million new Class A shares at an illustrative $10.88, which would represent 40.4% of existing shares and about 28.8% of the enlarged share pool.
Bitdeer filed an Aug. 10 prospectus supplement that registers up to $1 billion under its existing at-the-money, Class A share sales program, giving the bitcoin miner added financing capacity as it develops its Tydal AI data center and related technology plans, according to CryptoSlate.
The filing sets no minimum sale amount and does not commit Bitdeer to sell the full authorization or spend all proceeds specifically on Tydal. Using the prospectus illustrative price of $10.88, a full draw on the $1 billion ATM would require about 91.9 million new shares, which would equal 40.4% of the 227.4 million Class A shares outstanding as of June 30.
CryptoSlate reports that if those new shares were simply added, they would represent about 28.8% of an enlarged Class A pool, which is described as the more direct ownership-dilution measure for existing holders. The outlet also notes the scenario is price dependent and is distinct from dilution metrics tied to net tangible book value figures referenced in the prospectus.
Bitdeer says the proceeds can support multiple business lines, including data-center expansion, high-performance computing and AI cloud growth, ASIC mining-rig development and manufacturing, working capital, and other general corporate purposes. For the data center timeline, the lease disclosure targets Phase 1 commencement by Dec. 31, 2026, and Phase 2 by March 31, 2027, with the tenant expected to have obligations backed by about $1.3 billion of letters of credit arranged by affiliates of JPMorgan and another top-tier financial institution, subject to customary conditions, the filing indicates.
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