Bit Digital (BTBT) shares slid 8% at the U.S. market open, dropping to $2.92 after the company announced an upsized $135 million convertible note offering.

Bit Digital increased the size of the 4.00% convertible senior notes offering from $100 million. Underwriters hold a 30-day option to purchase up to an additional $15 million. The notes will mature on Oct. 1, 2030, unless earlier converted, redeemed or repurchased.

The initial conversion price is set at $4.16 per share, representing a 30% premium over Bit Digital’s Sept. 29 closing price of $3.20. Net proceeds are expected to be about $128.9 million, or $143.3 million if the underwriters fully exercise their option.

Bit Digital intends to use the funds primarily to purchase ether (ETH). As of now, the company holds 121,252 ETH at an average acquisition cost of $2,635.

A similar sell-off occurred last week with Cipher Mining (CIFR), whose shares slumped 19% in two days after a convertible notes issuance.

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