Bitcoin Mining Stocks Surge 15% Following $400 Million Convertible Bond Deal, Attracting Retail and Institutional Investors

Bitdeer Technologies Group (Nasdaq: BTDR) shares surged nearly 15% on the Nasdaq on the 13th, closing at $14.80. Its market capitalization rose by about $526 million—roughly ₩700 billion to ₩750 billion—in a single day. Trading volume topped 9 million shares, indicating an overheated market compared with typical levels.

In a recent SEC Form 6-K filing, Bitdeer disclosed the issuance of $400 million of 4.0% convertible bonds maturing in 2031 and the concurrent offering of approximately 10.66 million common shares at $13.94 each. The company plans to use the proceeds to redeem $200 million of its 5.25% convertible bonds due in 2029 ahead of schedule, thereby optimizing its debt structure.

Separately, since December of last year, investors have filed securities-related class actions and moved to exercise shareholder rights against Bitdeer. In New York and other jurisdictions, plaintiffs allege inadequate disclosures regarding mining-chip performance and the company’s financial condition. Multiple law firms have issued notices seeking investors who suffered losses, underscoring ongoing legal uncertainties.

Institutional flows have been mixed. Filings show that as of year-end, certain U.S. ETF managers and other institutional investors significantly increased their stakes in Bitdeer, suggesting that capital is still being deployed to bet on the growth potential of Bitcoin-mining infrastructure despite elevated risk concerns.

Bitdeer, backed by capital linked to Zhao Changpeng—the founder of the Chinese cryptocurrency exchange Huobi—is a provider of Bitcoin-mining and cloud-hashpower services. The company went public on the Nasdaq in 2023 via a SPAC merger. Its performance is highly sensitive to Bitcoin prices, mining difficulty and energy costs, making it one of the most volatile mining-sector stocks, driven by leverage and disclosure-related risks.