Stablecoin issuer Tether has entered an agreement to acquire up to $150 million in shares from Bitcoin mining firm Bitdeer via a private placement deal, announced on May 31. Tether has initially acquired 18,587,360 Class A ordinary shares for $100 million and may purchase an additional 5,000,000 shares at $10.00 each, totaling an extra $50 million.
Bitdeer, based in Singapore, will use the funds to expand its data centers, develop ASIC-based mining rigs, and support general corporate purposes. Bitdeer’s chief business officer, Linghui Kong, emphasized that Tether’s investment will help accelerate their growth and enhance sustainable bitcoin mining. Tether CEO Paolo Ardoino highlighted Bitdeer’s alignment with Tether’s strategic vision.
This investment is part of Tether’s broader strategy to diversify beyond stablecoins, following their capital investment in Swan’s Managed Bitcoin Mining service. Tether’s diversification coincides with record financial performance, achieving a USDT market capitalization of $111 billion, accounting for 77% of the top 10 stablecoins trading volumes on centralized exchanges, according to CCData.
This partnership is strategically significant as it aligns Tether with leading infrastructure in the bitcoin mining industry, potentially driving long-term growth and innovation.
