Bit Digital has finalized a $135 million offering of 4.00% convertible notes maturing in 2030, designed to expand its Ethereum holdings as part of its broader digital asset strategy. The notes, senior unsecured obligations, carry semiannual interest and are convertible into cash, Bit Digital shares, or both.
The conversion rate reflects a 30% premium over the company’s last share price. Bit Digital expects net proceeds of $128.9 million, which could rise to $143.3 million if underwriters exercise additional options.
Most of the funds will be allocated toward Ethereum purchases, with the remainder reserved for corporate needs and potential acquisitions.
Barclays, Cantor, and B. Riley Securities are acting as joint lead book-runners for the deal, which is set to close on October 2. Bit Digital’s move follows Coinbase’s $2 billion convertible note plan, underlining how crypto firms increasingly rely on structured debt to scale digital asset exposure while maintaining long-term balance sheet flexibility.
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