Tether announced on Friday that it will invest up to $150 million in crypto mining firm Bitdeer by purchasing shares in a private placement. This includes 18,587,360 Class A ordinary shares and a warrant for 5,000,000 more shares at $10 each.
Bitdeer’s shares, currently trading at $6-$7, saw an intraday rise of over 13% following the news. This private placement transaction has already yielded $100 million in gross proceeds, with potential for an additional $50 million if the warrant is exercised.
Tether’s CEO, Paolo Ardoino, praised Bitdeer’s advanced technology and management team, aligning with Tether’s long-term strategic vision. This investment marks a significant milestone, highlighting Tether’s commitment to Bitcoin mining and the broader crypto economy.
By supporting Bitcoin mining, Tether aims to diversify its portfolio and enhance the stability of its USDT token, strengthening its position in the blockchain industry.
