On May 31, Tether announced an agreement to acquire up to $150 million worth of shares from Bitcoin mining firm Bitdeer via a private placement deal. Tether initially bought 18,587,360 Class A ordinary shares for $100 million and could purchase an additional 5,000,000 shares for $10.00 each, totaling an extra $50 million.
Bitdeer plans to use this investment to expand its data centers, develop ASIC-based mining rigs, and support general corporate activities. This partnership marks a significant milestone for Bitdeer, with its chief business officer Linghui Kong highlighting the support from Tether as crucial for growth in sustainable and efficient bitcoin mining.
Tether’s CEO Paolo Ardoino emphasized the alignment between Bitdeer’s management and Tether’s long-term vision. This deal is part of Tether’s broader strategy to diversify its business, following a previous investment in Swan’s Managed Bitcoin Mining service and the creation of four new divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu. Tether’s financial performance has been strong, with USDT’s market cap reaching $111 billion in Q1, accounting for 77% of top 10 stablecoins trading volumes on centralized exchanges, according to CCData.
This strategic investment underscores Tether’s commitment to expanding its influence beyond stablecoins, aiming for significant growth in the crypto mining sector.
