Bit Digital, Inc. (Nasdaq: BTBT) announced it priced an upsized public offering of $135 million in convertible senior notes. The company said the offering is expected to close on October 2, 2025, pending usual conditions. Barclays, Cantor, and B. Riley Securities are the joint lead managers for the deal.
According to the press release, the notes will carry an annual interest rate of 4.00%, payable every six months. Investors can convert the notes into cash, shares, or a mix of both.
Bit Digital set the initial conversion rate at 240.3846 shares per $1,000 principal amount. This rate represents a 30 percent premium over the company’s last reported share price of $3.20 on September 29, 2025.
The company expects to receive about $128.9 million in net proceeds from the offering. If the underwriters exercise their option to buy an extra $15 million in notes, the proceeds could reach $143.3 million.
They also stated the funds will mainly be used to buy Ethereum. The company also mentioned that some money could go to other corporate purposes, including investments or acquisitions in digital assets.
“This offering supports our strategy to expand digital assets and enhance shareholder value,” the company said in a statement. The notes will mature on October 1, 2030, unless they are converted or redeemed sooner.
The company noted that all offering documents have been filed with the U.S. Securities and Exchange Commission. Interested investors can find these documents on the SEC website.
This move follows a trend where crypto companies are using convertible notes to grow their holdings. Coinbase, for example, announced a $2 billion convertible note offering in August 2025 for acquisitions and product expansion.
The offering is made under a shelf registration statement declared effective by the SEC in June 2025. Bit Digital emphasized that the press release is not an offer to sell or buy securities. The company said sales will be made only through the prospectus supplement and the accompanying prospectus filed with the SEC.
Also Read: SEC Plans On-Chain Stock Trading as Tokenization Grows
