Tether to Inject $150 Million into Cryptocurrency Mining Firm Bitdeer
Summary:
Bitdeer, a cryptocurrency mining firm, is set to secure new funding from Tether, the global stablecoin operator. Tether has committed to a subscription agreement that enables it to buy up to $150 million worth of Bitdeer shares. The private placement process has already generated $100 million from share issuance and an additional $50 million is expected if the warrant is fully exercised. The funds raised will be utilized for data center expansion, ASIC-based mining rig development and various other projects.
Bitdeer, the cryptocurrency mining company under Jihan Wu, is set to receive a fresh injection of capital from Tether, the firm operating the world's dominant stablecoin, Tether (USDT). As stated in a recent announcement on May 31, Tether has committed to a subscription agreement with Bitdeer, allowing it to buy up to $150 million in Bitdeer shares through a private placement. This placement comprises 18,587,360 Class A common shares and a warrant allowing for the purchase of up to an additional 5,000,000 shares, each valued at $10.00. According to the announcement, as of May 30, the private placement has already garnered $100 million through share issuance. There is also a possibility of generating an extra $50 million if the warrant is entirely exercised. Bitdeer plans to direct the fresh proceeds towards data center expansion, ASIC-based mining rig creation and other developmental purposes. Bitdeer's Chief Business Officer, Linghui Kong, expressed excitement at having Tether onboard as a substantial investor. Kong stated that Tether's support positions Bitdeer for accelerated growth and continued dominance in sustainable and efficient bitcoin mining. Kong said that this partnership marks a significant step forward for Bitdeer and anticipates achieving great things together. Tether's CEO, Paolo Ardoino, considers Bitdeer to be one of the robust vertically integrated operators in the Bitcoin mining industry due to its innovative technologies and extensive R&D initiatives. Ardoino asserts that Bitdeer's proven performance and top-notch management team align perfectly with Tether's long-term strategic intentions. Ardoino anticipates collaborating closely with Bitdeer across several vital infrastructure sectors in the future. Further updates to this story will be provided as more information becomes available.
Published At
5/31/2024 3:59:34 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.