Bitdeer (BTDR) Falls 11% W/W on Drop in Bitcoin Prices
Bitdeer Technologies Group (NASDAQ:BTDR) is one of the .
Bitdeer Technologies slashed its share prices by 11 percent in just a week's trading, from $12.68 on June 13 to $11.28 last Friday, tracking the week-on-week drop in Bitcoin prices.
On Friday, prices of Bitcoin declined by 2.62 percent to $103,309.6 from $106,090.97 on June 13, as trading sentiment was largely dampened by the ongoing geopolitical tensions between Israel and Iran.
Additionally, investors appeared to have soured on Bitdeer Technologies Group's (NASDAQ:BTDR) plans to raise $330 million through a debt issuance.
In a statement last week, Bitdeer Technologies Group (NASDAQ:BTDR) said that it plans to issue convertible senior notes to qualified institutional investors until Monday, June 23.
The notes carry a yield rate of 4.875 percent to be paid semiannually on January 1 and July 1 until 2031, unless earlier converted, redeemed, or repurchased.
A construction team in a mining datacenter building work site with plans and equipment in hand.
According to Bitdeer Technologies Group (NASDAQ:BTDR), proceeds from the offer will be used for the payment of its zero-strike call option with an investor's affiliate, concurrent note exchange transactions, as well as data center expansion, ASIC-based mining rig development, and other general corporate purposes.
While we acknowledge the potential of BTDR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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