Tether Investments Fuel Launch of Bitcoin Mining Venture Worth $100 Million in Partnership with Bitdeer
Tether Invests $150 Million in Bitcoin Mining Giant Bitdeer
In a press release announced on Thursday, Tether, the stablecoin issuer, has revealed its investment in Bitdeer, a Nasdaq-listed Bitcoin mining company. Tether purchased 18,587,360 A-shares of Bitdeer at $10.00 per share, bringing its stake in the company to approximately $150 million.
Linghui Kong, the Chief Business Officer of Bitdeer, stated that this investment demonstrates confidence in their vision and the strength of their global operations. Bitdeer plans to use the net proceeds from the private placement to fund data center expansion and ASIC-based mining rig development.
Paolo Ardoino, CEO of Tether, considers Bitdeer as one of the strongest vertically integrated operators in the Bitcoin mining industry. He highlighted Bitdeer's cutting-edge technologies and a robust R&D organization as the reasons for this investment. The investment will be made through Tether's Power unit, one of the four divisions announced in April.
This investment is part of Tether's diversification strategy. Earlier this year, Tether made a $200 million investment in biotech firm Blackrock Neurotech. Some of the proceeds will also be used for working capital and other general corporate purposes, according to the company. Tether also secured a warrant to purchase up to 5,000,000 additional shares in Bitdeer. The warrant is subject to customary anti-dilution provisions.
The private placement was facilitated by financial services firm Cantor Fitzgerald & Co. The exact time of the announcement cannot be definitively narrowed down from publicly available sources. The most reliable timeframe would be the time of the official press release or the SEC filing.
For a precise time, it is recommended to check the SEC archives (Form 6-K from Bitdeer) or the press release on Bitdeer's website. If a precise time-stamp is required, please share if you have access to financial information services like Bloomberg Terminal or LSEG Workspace. Alternatively, I can provide a step-by-step guide for the research.
