$135M Upsized Convertible Note Sends Bit Digital Shares Down 8%

BTBT shares slid 8% to $2.92 after Bit Digital revealed an upsized $135 million convertible note sale. The 4% senior notes, initially $100 million, allow underwriters a 30-day $15 million additional purchase option. Notes mature in 2030, with a $4.16 conversion price, roughly 30% above the previous close. Bit Digital intends to use the proceeds to purchase ether, complementing its 121,252 ETH holdings acquired at an average of $2,635.