Bitdeer Technologies Group (BTDR) is having a rough Thursday, and the culprit is pretty straightforward: the Bitcoin mining company just announced it's raising $300 million through a private placement of convertible senior notes. Investors, as they tend to do with convertible offerings, hit the sell button first and asked questions later.
The company plans to use the cash infusion for datacenter expansion and general corporate purposes. The notes, which mature in 2032, are unsecured obligations that will accrue interest with semiannual payments. Initial purchasers also get the option to scoop up an additional $45 million in notes, bringing the potential total to $345 million.
Now, convertible notes are always a bit of a double-edged sword. Sure, Bitdeer gets the capital it needs to expand its digital asset mining infrastructure, but investors see potential dilution down the road when those notes convert to equity. The company knows this, which is why it's planning capped call transactions to offset some of that dilution. Still, the market's initial reaction suggests investors aren't thrilled about the financing structure.
The Technical Picture Isn't Pretty
Beyond the convertible note announcement, Bitdeer's chart tells a story of ongoing struggles. The stock is currently trading 35.3% below its 20-day simple moving average and a painful 46.2% below its 100-day average. That's textbook bearish territory. Over the past year, shares have dropped 45.81%, and they're sitting much closer to their 52-week lows than highs.
The technical indicators paint a mixed picture. The RSI sits at 34.63, which is neutral territory—not oversold, not overbought, just kind of stuck. The MACD, however, tells a more bearish story at -0.7676, sitting well below its signal line at -0.3325. That combination suggests momentum is weak and traders should proceed with caution.
Key levels to watch: resistance at $8.50 and support at $7.00.
What Analysts Are Thinking
Despite the current weakness, analysts haven't given up on Bitdeer. The stock carries a Buy rating with an average price target of $25.42—nearly three times the current trading price of $8.23. That's either a screaming opportunity or a disconnect from reality, depending on your perspective.
Recent analyst moves include Rosenblatt maintaining a Buy rating with an $18 target on February 13, Needham keeping its Buy rating but lowering its target to $22 the same day, and HC Wainwright maintaining a Buy while cutting its target to $25 on February 12. The pattern is clear: analysts still like the stock, but they're tempering their enthusiasm.
Looking ahead to the next earnings report on May 14, 2026, expectations call for a loss of 19 cents per share (an improvement from the prior 39-cent loss) and revenue of $207.87 million, up substantially from $70.13 million previously.
