Why Is Bitdeer Stock Price Dropping Today?

The Bitdeer stock price has extended its decline today, following a double-digit crash yesterday. This comes as the Bitcoin miner looks to raise up to $315 million, with the company planning to use some of the net proceeds to expand its AI business.

Bitdeer Stock Drops Over 2%, Extending Decline

TradingView data shows that the Bitdeer stock price is down almost 2%, dropping to as low as $7.73. This rebound follows yesterday’s crash, with the stock dropping as much as 17% from a high of almost $10.

Yesterday’s crash followed Bitdeer’s announcement of a $300 million convertible senior note offering. The move had raised fears of a stock dilution as holders of these notes could convert the debt into equity, especially if the stock rises. In a press release today, Bitdeer announced that it has upsized this offering to $325 million, a move that has added further selling pressure on the stock’s price.

It is worth noting that the Bitdeer stock price rebounded as much as 2% earlier in the day. The relief bounce followed the rise in Bitcoin’s price. In addition to being a BTC miner, Bitdeer is also a Bitcoin treasury company, meaning that Bitcoin’s performance also impacts the stock price.

However, the BTDR stock has since lost those gains as BTC also continues to face selling pressure. BTC had climbed to as high as $67,700 on the day following the Supreme Court’s ruling on the Trump tariffs, but is now trading just above this psychological $67,000 level and looks at risk of losing this level.

The Symmetric Upside Also Exists

Market expert PIF Invest noted that the Bitdeer stock price also has symmetric upside amid dilution concerns. They noted that the Bitcoin miner is building 3 businesses at once, which could benefit the crypto stock even if only one survives in a sustained bull market.

One of these businesses is their BTC mining operations, which PIF Invest noted has scaled in the last 12 months despite the bearish sentiment in the crypto market. Bitdeer currently leads in hash rate and is on track to be the most efficient by year-end.

The second business is the mining rig manufacturing, which the market expert noted is growing fast. PIF Invest predicts that Bitdeer could soon have the most advanced rigs on the market, which they can sell or deploy internally. Additionally, the company has a U.S. plant underway.

Bitdeer is also expanding its AI/HPC cloud business and plans to use some of the net proceeds from the offering to expand its data centers. PIF Invest noted that the execution risk is real but that if this is resolved, the business has the strongest long-term upside.