Bitdeer’s existing at-the-money program could raise up to $1 billion through Class A share sales, about twice the roughly $500 million the Bitcoin miner says it still needs to build its Tydal AI data center.
Its latest prospectus supplement filed Aug. 10 sets no minimum sale amount, however, and does not commit the company to sell the full authorization or spend all of it on Tydal.
At the filing’s illustrative price of $10.88, a full draw on Bitdeer’s $1 billion ATM capacity would require about 91.9 million new shares. That issuance would equal 40.4% of the 227.4 million Class A shares outstanding on June 30.
After simply adding the new shares, they would make up about 28.8% of the enlarged Class A pool, the more direct ownership-dilution measure for existing holders. The scenario is price-dependent and is not a forecast; it is also distinct from the prospectus’s net-tangible-book-value dilution figure.
The ATM can support more than one business line. Bitdeer lists data-center expansion, high-performance computing and AI cloud growth, ASIC mining-rig development and manufacturing, working capital, and other general corporate purposes. Management retains broad discretion over the proceeds, making the $1 billion ceiling a financing option rather than a disclosed Tydal budget.
Bitdeer has used the ATM structure before. The company’s annual report says the sales agreement dates to January 2025 and had generated about $160.7 million in net proceeds from 9.05 million Class A shares. The Aug. 10 filing registers up to $1 billion for sale under that existing structure while leaving the pace and price of any issuance open.
Tydal puts a clock on that flexibility. Bitdeer’s Aug. 10 lease disclosure targets Dec. 31, 2026, for Phase 1 commencement and March 31, 2027, for Phase 2. Volta Tydal AS, the tenant, is anticipated to have its obligations backed by roughly $1.3 billion of letters of credit arranged by affiliates of JPMorgan and another top-tier global financial institution, subject to customary conditions.
Those letters of credit are expected to provide support, not cash already secured. Bitdeer may terminate the agreement if Volta misses certain credit-backstop milestones. Volta, meanwhile, has a no-fee termination right after year 10 of the 16-year base term. For shareholders, the immediate test is how much of the ATM Bitdeer actually uses before Tydal’s target dates, at what prices, and whether the anticipated tenant credit support arrives on schedule.
