Bitdeer

Seniority

Senior unsecured; no subsidiary guarantees (structurally subordinated)

Maturity

2032-03-01

Lenders

144A QIBs

Pricing

Payable Mar-1/Sep-1 from 9/1/26; initial conversion rate 100.7557 per $1,000 (~$9.93, +25% over the concurrent offering price)

Terms

$325.0M closed 2/24/26 (Indenture 2/24/26, U.S. Bank Trust Co.) + $50.0M option issued 2/26/26; total $375.0M. Capped calls entered 2/19/26: cap $15.88 (100% over the $7.94 registered direct price), base cost ~$29.2M; Q1-26 cash flow shows $33.7M paid (labeled "capped call instrument" in the Q1 6-K and "zero-strike call option" in the Q2 6-K for the same H1 line). Registered direct of 5,503,030 shares at $7.94 settled 2/26/26; proceeds plus part of the note proceeds repurchased $135.0M of the Nov-2029 notes for ~$138.2M cash. Q1-26 CF: convertible note proceeds net of costs $364.5M.

Source: Pricing 6-K 2/20/26 Ex-99.2 (acc 0001213900-26-018592); FY2025 20-F subsequent events · document

Seniority

Senior unsecured; no subsidiary guarantees (structurally subordinated)

Maturity

2031-11-15

Lenders

144A QIBs

Pricing

Payable May-15/Nov-15; initial conversion rate 56.2635 per $1,000 (~$17.77)

Terms

Priced 11/12/25 (release dated 11/13/25 EST); closed 11/17/25, $400.0M; $60.0M option not disclosed as exercised (20-F carries $400.0M); outstanding in full at 12/31/25. Capped calls: cap price $27.88 (100% over the $13.94 registered direct price), cost ~$35.4M; carried as a $31.9M derivative asset at 12/31/25 (20-F Note 17). Holder put 11/20/29. Proceeds funded the $200.0M Nov-2029 note repurchase (~$267.9M total consideration with the equity offering).

Source: FY2025 20-F Note 16 + liquidity (acc 0001213900-26-049770) · document

Seniority

Senior unsecured; no subsidiary guarantees (structurally subordinated)

Maturity

2031-07-01

Lenders

144A QIBs

Pricing

Payable Jan-1/Jul-1; initial conversion rate 62.9921 per $1,000 (approximately $15.88 per the pricing release; 25% premium over the 6/17/25 close); holder put 7/6/29

Terms

Priced 6/18/25 ($330.0M, upsized from $300.0M); closed 6/23/25 (Indenture dated 6/23/25); $45.0M option closed 6/25/25; total $375.0M, outstanding in full at 12/31/25. Zero-strike call option, premium ~$129.6M. Concurrent exchange of ~$75.7M of the 8.50% Aug-2029 notes for ~$36.1M cash + ~8.1M shares. Holder put 7/6/29. No repurchase or conversion disclosed in the Q1/Q2-26 6-Ks.

Source: FY2025 20-F Note 16 + liquidity (acc 0001213900-26-049770) · document

Borrower

Bitdeer Technologies Group, borrower; BIT Group (related party), lender

Seniority

Secured, related party

Maturity

24-month term per drawdown — Fixed monthly instalments over 24 months from each drawdown

Collateral

SEALMINER machines, expanded to mining rigs, inventories, data-center assets and other agreed collateral; loan-to-value maintained

Lenders

BIT Group (related party)

Pricing

9.0% plus a market-based reference rate; H1-26 effective rate 13.0% (Q2-26 interim FS)

Terms

April 2025 facility up to $400.0M (upsized July/October 2025 from $200.0M) plus $360.0M of additional facilities on substantially the same terms (October 2025 $100.0M; December 2025, January, February and March 2026 $50.0M each; May 2026 $60.0M), plus a further $45.0M facility drawn in full in August 2026. The Q2-26 notes describe the August tranche as having a one-week tenor from drawdown. Aggregate facilities $805.0M. Outstanding ~$423.3M at 2026-09-29 (6-K, 2026-09-29). At 6/30/26, BIT Assets principal was $373.5M current plus $142.1M non-current; related-party borrowings in total $633.1M. H1-26 interest expense $32.7M; effective rate 13.0%. Mining rigs pledged: carrying amount ~$834.6M at 6/30/26. Separately, a BTC Collateralized Loan with BIT Group (up to $400.0M, fixed 8.35%, Bitcoin collateral) was fully repaid in Jan-Feb 2026, and a BIT Bitcoin Loan (up to 6,000 BTC, 3.00%, stablecoin/fiat collateral) had ~3,669 BTC outstanding at 9/29/26.

Source: 6-K 2026-09-29 Ex.99.1 Notes 10, 20 and 24 + Ex.99.2 Recent Developments, acc 0001213900-26-104638; earlier: FY2025 20-F acc 0001213900-26-049770 · document

Seniority

Senior unsecured; no subsidiary guarantees (structurally subordinated)

Maturity

2029-12-01

Lenders

144A QIBs

Pricing

Payable Jun-1/Dec-1; initial conversion rate 62.7126 Class A per $1,000 (~$15.95); holder put 12/6/27 at par

Terms

Issued November 2024, $400.0M original. $200.0M repurchased during 2025 (US$119.3M cash + 10,661,140 Class A shares); further $135.0M repurchased Feb-2026 (~$138.2M cash). Remaining principal ~$65.0M is implied (400−200−135; the filings state the repurchases, not the remainder). Principal outstanding on the 12/31/25 balance sheet: $200.0M. Unreconciled filed figures: our ~$138.2M cash for the Feb-2026 repurchase vs the Q1-26 6-K cash-flow line 'US$93.0 million of repayments made in connection with the extinguishment of convertible senior notes' — both reproduced, not reconciled; revisit at the FY26 20-F. Nov-2025 repurchase of $200.0M cost ~$267.9M in total (pricing release 11/13/25): US$119.3M cash + 10,661,140 shares at $13.94. Feb-2026 repurchase of $135.0M for ~$138.2M cash (pricing release 2/20/26; 20-F: "repurchase for cash US$135.0 million"). Hedge on this series was a zero-strike call (premium ~$160.0M, ~14.3M shares), not a capped call. Concurrent exchange of ~$74.8M of the 8.50% Aug-2029 notes for ~$16.6M cash + ~9.2M shares. Priced 2024-11-22; indenture 2024-11-26. Remaining principal is not stated per series in the 2026 6-Ks.

Source: FY2025 20-F Note 16 + liquidity (acc 0001213900-26-049770) · document