Bitcoin mining company Bitdeer announced the issuance of $300 million in convertible preferred notes.

PANews reported on June 18 that, according to Globenewswire, Bitcoin miner Bitdeer announced the issuance of $300 million principal convertible senior notes due 2031 to qualified institutional buyers through a private placement. The Company also intends to grant initial purchasers of the Notes an option to purchase up to $45 million of the Notes in principal amount within 13 days of the date of the initial issuance of the Notes. The Company intends to use a portion of the net proceeds from the Offering to cover the costs of zero-strike call option transactions, as well as cash consideration for concurrent bill exchange transactions, and to use the remaining net proceeds from the Offering for data center expansion, ASIC mining rig development and manufacturing, as well as working capital and other general corporate purposes.