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.
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 . 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.
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James Van Straten
https://www.coindesk.com/markets/2025/09/30/bit-digital-shares-slide-8-on-usd135-million-upsized-convertible-note
2025-09-30 14:50:00
