Business
Bit Digital Announces Pricing of Upsized $135 Million Convertible Notes Offering
NEW YORK, Sept. 30, 2025 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company") today announced the pricing of its upsized
About this update from Bit Digital, Inc.
[{"type":"text","content":"\n NEW YORK, Sept. 30, 2025 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (\"Bit Digital\" or the \"Company\") today announced the pricing of its upsized underwritten public offering (the \"Offering\") of $135,000,000 aggregate principal amount of 4.00% convertible senior notes due 2030 (the \"Notes\"). The sale of the Notes is expected to close on October 2, 2025, subject to customary closing conditions. The Company also granted the underwriters in the Offering a 30-day option to purchase up to an additional $15,000,000 aggregate principal amount of Notes on the same terms and conditions, solely to cover over-allotments.\n \n \n \n \n \n \n \n The Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 4.00% per year, payable semiannually in arrears. The Notes will mature on October 1, 2030, unless earlier converted, redeemed or repurchased. Holders may convert all or any portion of their Notes at their option any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver to such converting holders, as the case may be, cash, ordinary shares, par value $0.01 per share, of the Company (the \"ordinary shares\") or a combination of cash and ordinary shares, at its election. The initial conversion rate will be 240.3846 shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of $4.16 per ordinary share and represents a conversion premium of 30% above the last reported sale price of the ordinary shares on September 29 2025, which was $3.20), subject to adjustment upon the occurrence of certain events.\n Bit Digital estimates that the net proceeds from the Offering will be approximately $128.9 million (or approximately $143.3 million if the underwriters exercise their over-allotment option in full), after deducting the underwriters' discounts and commissions and estimated offering expenses.\n The net proceeds from the Offering will primarily be used to purchase Ethereum and may be used by the Company for general corporate purposes, including potential investments, acquisitions and other business opportunities relating to digital assets.\n Barclays, Cantor and B. Riley Securities are acting as joint lead book-running managers for the Offering.\n The Offering was...