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Jihan Wu’s cryptocurrency mining company Bitdeer announced a new capital increase in collaboration with Tether, the operator of the world’s largest stablecoin project, Tether (USDT). According to the official announcement made on May 31, Tether signed a subscription agreement to purchase $150 million worth of shares in Bitdeer through a private process.
Tether Takes a Notable Step
The private process includes 18,587,360 Class A ordinary shares and an order to purchase up to 5,000,000 additional shares at $10 per share. According to the announcement, the private placement transaction on May 30 generated $100 million in gross proceeds from the share issuance, with the potential to earn an additional $50 million if the order is fully executed.
Bitdeer plans to use the new net proceeds to expand data centers, develop application-specific integrated circuit (ASIC) based mining hardware, and finance other purposes. Bitdeer Chief Operating Officer Linghui Kong commented on the matter:
“We are excited to see Tether as a significant investor in Bitdeer. With Tether’s support, we are ready to accelerate our growth and maintain our leadership in sustainable and efficient Bitcoin mining. This partnership marks an important milestone for Bitdeer, and we look forward to achieving great things together.”
Important Statements from Tether CEO
According to Tether CEO Paolo Ardoino, Bitdeer is one of the strongest vertically integrated operators in the Bitcoin mining industry due to its latest technologies and strong research and development efforts. Ardoino commented on the matter:
“Bitdeer’s proven track record and first-class management team perfectly align with Tether’s long-term strategic vision. We foresee close collaboration with Bitdeer in many important infrastructure areas in the future.”
This process undertaken by Tether is not the company’s first collaboration in the mining field. Highlighting recent notable initiatives, Tether continues to evaluate its earnings during this process. Tether, which includes U.S. Treasury funds and commodities like Bitcoin within its reserves, takes these steps to strengthen its reserves.
