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Bit Digital Shares Slide 8% on $135M Upsized Convertible Note
The crypto miner increased the offering from $100 million and plans to use proceeds to buy ether.
Updated Sep 30, 2025, 2:54 p.m. Published Sep 30, 2025, 2:50 p.m.
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What to know:
- Bit Digital upsized its convertible note from $100 million to $135 million, with a conversion price of $4.16 per share, a 30% premium to the Sept. 29 close of $3.20.
- Bit Digital expects net proceeds of $128.9 million, rising to $143.3 million if the underwriters exercise their option, adding to its 121,252 ETH holdings acquired at an average cost of $2,635.
Bit Digital (BTBT) shares slid 8% at the U.S. market open, dropping to $2.92 after the company announced an upsized $135 million convertible note offering.
Bit Digital increased the size of the 4.00% convertible senior notes offering from $100 million. Underwriters hold a 30-day option to purchase up to an additional $15 million. The notes will mature on Oct. 1, 2030, unless earlier converted, redeemed or repurchased.
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The initial conversion price is set at $4.16 per share, representing a 30% premium over Bit Digital’s Sept. 29 closing price of $3.20. Net proceeds are expected to be about $128.9 million, or $143.3 million if the underwriters fully exercise their option.
Bit Digital intends to use the funds primarily to purchase ether . As of now, the company holds 121,252 ETH at an average acquisition cost of $2,635.
A similar sell-off occurred last week with Cipher Mining (CIFR), whose shares slumped 19% in two days after a convertible notes issuance.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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