Bitdeer to receive investment of up to $150M from Tether for crypto mining enterprise
Tether has recently made an exciting announcement, revealing that it has entered into a subscription agreement with Bitdeer. This agreement allows Tether to purchase up to $150 million worth of shares in a private placement. The agreement includes 18,587,360 Class A ordinary shares and a warrant to purchase an additional 5,000,000 shares at $10.00 per share.
Currently, Bitdeer shares are trading between $6 to $7 per share. The private placement transaction has already yielded $100 million in gross proceeds from the share issuance. If the warrant is fully exercised, there is an opportunity to raise an additional $50 million.
Tether’s CEO, Paolo Ardoino, expressed his confidence in Bitdeer, stating that they are one of the strongest vertically integrated operators in the Bitcoin mining industry. He praised their cutting-edge technologies and robust R&D organization. Ardoino believes that Bitdeer’s proven track record and world-class management team align perfectly with Tether’s long-term strategic vision. He anticipates close collaboration with Bitdeer in various key infrastructure areas in the future.
The market has responded positively to Tether’s investment, as Bitdeer’s stock (BTDR) is currently up over 13% in intraday trading.
This investment from Tether is a significant step for the company, as it demonstrates their willingness to invest in Bitcoin mining. It showcases their broader interest in developing the crypto economy. Tether recognizes the importance of supporting Bitcoin mining as a critical aspect of the crypto ecosystem.
This move aligns with Tether’s strategy of diversifying their portfolio and strengthening the stability and reliability of their USDT token by investing in blockchain technology, such as the technology provided by Bitdeer.
