Bit Digital Drops 8% Following $135M Convertible Note Upsize

Bit Digital (BTBT) shares fell 8% to $2.92 in early U.S. trading after the crypto miner announced it was increasing its convertible note offering to $135 million. The 4% senior notes, initially set at $100 million, include a 30-day option for underwriters to purchase an additional $15 million. The notes, maturing Oct. 1, 2030, have a conversion price of $4.16, roughly 30% above the Sept. 29 close. Proceeds, estimated at $128.9 million, will be used to buy ether, adding to the company’s existing 121,252 ETH holdings.

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