Bitdeer Technologies Group (BTDR) stock plummeted 5.18% in pre-market trading on Friday, extending its losses after the cryptocurrency mining data center company announced a $360 million convertible debt offering on Thursday.

The company's plans to offer $360 million in convertible senior notes due 2029 raised concerns among investors, as such offerings typically allow the notes to be converted into common stock at a later date. This potential dilution of existing shares can put downward pressure on the stock price, leading to a selloff.

Bitdeer's stock had already fallen 8.85% in after-hours trading on Thursday, following the announcement of the convertible debt offering. The company plans to use a portion of the net proceeds to pay the cost of zero-strike calls, with the remainder to be used for data center expansion, ASIC-based mining rig development and manufacture, and other purposes.