Tether investing up to $150M in crypto mining firm Bitdeer

On
Friday,
Tether
announced
that
it
had
entered
into
a
subscription
agreement
with
Bitdeer
to
buy
up
to
$150
million
worth
of
shares
in
a
private
placement.

The
agreement
includes
18,587,360
Class
A
ordinary
shares
and
a
warrant
to
purchase
up
to
5,000,000
additional
shares
at
$10.00
per
share,
per
the
press
release.

Bitdeer
shares
are
currently
trading
between
$6
to
$7
a
share. 

On
Thursday,
the
private
placement
transaction
yielded
$100
million
in
gross
proceeds
from
the
share
issuance,
with
the
chance
to
raise
an
additional
$50
million
if
the
warrant
is
fully
exercised.

“We
regard
Bitdeer
as
one
of
the
strongest
vertically
integrated
operators
in
the
Bitcoin
mining
industry,
differentiated
by
its
cutting-edge
technologies,
and
a
robust
R&D
organization,”
said

Paolo
Ardoino,
CEO
of

Tether,
in
the
press
release.
“Bitdeer’s
proven
track
record
and
world-class
management
team
are
perfectly
aligned
with
Tether’s
long-term
strategic
vision.
We
anticipate
close
collaboration
with
Bitdeer
across
several
key
infrastructure
areas
moving
forward.”

Bitdeer’s
stock
(BTDR)
is
up
over
13%
in
intraday
trading
at
the
time
of
writing,
indicating
the
market’s
positive
response
to
Tether’s
investment. 

Tether’s
interest
in
BTC
mining 

This
investment
marks
a
significant
step
from

Tether,
the
developer
of
the
world’s
largest
stablecoin,
USDT.
It
shows
that
Tether
is
willing
to
invest
in
Bitcoin
(BTC)
mining,
reflecting
its
wider
interest
in
developing
the
crypto
economy.
Tether
secures
a
critical
aspect
of
the
crypto
ecosystem
by
supporting
Bitcoin
mining.

This
move
aligns
with
Tether’s
broader
strategy
of
diversifying
its
portfolio
and
reinforcing
the
stability
and
reliability
of
its
USDT
token
by
investing
in
blockchain
technology,
like
the
technology
provided
by
Bitdeer.