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Tether Investing Up to $150M in Crypto Mining Firm Bitdeer

by Dan K
May 31, 2024 - 5:57 pm
in Blockchain
Tether CEO Paolo Ardoino announces a $150 million investment agreement with crypto mining firm Bitdeer.

Tether Announces Up to $150M Investment in Bitdeer for Bitcoin Mining

On Friday, Tether announced a strategic investment agreement with Bitdeer, committing up to $150 million in a private placement to acquire shares in the crypto mining firm.

Details of the Agreement

The subscription agreement involves the purchase of 18,587,360 Class A ordinary shares and includes a warrant to buy up to 5,000,000 additional shares at a price of $10.00 per share, as outlined in the press release. Currently, Bitdeer shares are trading between $6 to $7 per share.

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The private placement transaction completed on Thursday generated $100 million in gross proceeds from the share issuance. If the warrant is fully exercised, there is potential to raise an additional $50 million.

Tether’s Strategic Vision

Paolo Ardoino, CEO of Tether, expressed strong confidence in Bitdeer’s capabilities and future prospects. “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,” Ardoino stated. “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.”

Market Response

Bitdeer’s stock (BTDR) has seen a positive response, rising over 13% in intraday trading following the announcement, reflecting market optimism regarding Tether’s investment.

Tether’s Interest in BTC Mining

This investment marks a significant step for Tether, the developer behind the world’s largest stablecoin, USDT. By investing in Bitcoin (BTC) mining, Tether is not only showing its commitment to the broader crypto economy but also securing a vital component of the blockchain ecosystem.

Aligning with Broader Strategy

The move aligns with Tether’s broader strategy of diversifying its investment portfolio and reinforcing the stability and reliability of its USDT token. By supporting companies like Bitdeer, which provide essential blockchain technology, Tether is ensuring the ongoing robustness of the crypto infrastructure.

Tags: CryptocurrencyRegulationTether
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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