Bitcoin miner Bitdeer unlocks a $1B cash tap that dilutes shareholders by up to 30% to build its AI empire
Bitdeer’s at-the-market share program can raise up to $1 billion in Class A stock sales, about double the roughly $500 million it still says it needs for its Tydal AI data center. The filing sets no minimum raise and does not require that all proceeds go to Tydal; management can allocate funds to data-center expansion, AI cloud, ASIC development, working capital, and other uses. At the illustrative $10.88 share price, a full draw would issue about 91.9 million new shares, equal to 40.4% of current Class A shares outstanding and about 28.8% of the enlarged share count, implying substantial dilution. Bitdeer has already used this ATM structure, raising about $160.7 million from 9.05 million shares since January 2025. Tydal’s lease targets Phase 1 start by Dec. 31, 2026 and Phase 2 by Mar. 31, 2027, with tenant obligations expected to be backed by about $1.3 billion in letters of credit.
