Stock Track | Bitdeer Technologies Plummets 5.28% as Convertible Offering Spooks Investors

Stock Track12-09

Bitdeer Technologies Group's stock plunged 5.28% in the pre-market trading session on Monday, underperforming the broader market. This plummet comes amid speculation that the bitcoin mining company may follow in the footsteps of its peers and issue convertible bonds to raise capital for purchasing more bitcoins.

According to the news, several other bitcoin mining companies, including Riot Platforms, Mara Holdings, and Core Scientific, have recently issued convertible securities to capitalize on their rising stock prices. These moves have sparked concerns among investors about potential dilution and its impact on existing shareholders.

While Bitdeer Technologies has not officially announced any convertible offering plans, the market seems to be anticipating a similar move from the company. This preemptive reaction has led to a significant sell-off in Bitdeer's shares, as investors weigh the potential risks associated with such an offering.

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