Bitdeer Technologies Group, a publicly listed mining company, has announced that Tether, the leading stablecoin firm, has acquired $100 million worth of shares in a private placement financing. This partnership between Bitdeer and Tether marks a significant investment in the mining company. Tether also has the option to purchase an additional $50 million in shares in the future.
In the private placement, Tether purchased 18,587,360 Class A ordinary shares of Bitdeer. They also have the option to acquire 5 million more shares at a price of $10 each. As of now, the value of Bitdeer shares stands at $5.82 per unit. The private placement was finalized on May 30, 2024, according to Bitdeer’s announcement.
Linghui Kong, the Chief Business Officer at Bitdeer, expressed excitement about Tether’s investment, stating that it will accelerate the company’s growth and maintain its leadership in sustainable and efficient bitcoin mining.
This is not Tether’s first foray into the bitcoin mining sector. The company had previously announced its mining expansion plans and invested in El Salvador’s Volcano Energy mining project in June 2023. Tether also has a business relationship with the mining company Northern Data.
The funds from this investment will be utilized by Bitdeer to further develop its application-specific integrated circuit (ASIC) mining rig and support working capital. Bitdeer recently engaged Taiwan Semiconductor Manufacturing Company (TSMC) for $60 million in hardware production.
In March, Bitdeer had been seeking funding of $100 million and reached out to private firms. Tether has accepted the company’s offer, recognizing Bitdeer’s track record and management team as aligned with its long-term strategic vision.
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