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Blockchain and high-performance computing leader Bitdeer Technologies Group announced a significant financial move on May 31, 2024. The company signed a subscription agreement with Tether International Limited, securing the sale of 18,587,360 Class A ordinary shares and an additional 5,000,000 shares at $10.00 per share. This transaction, completed on May 30, 2024, generated $100 million in gross proceeds, with the potential to earn an additional $50 million if Tether fully exercises its purchase rights.
Private Placement Financing
The private placement financing was structured to include anti-dilution provisions to protect against share dilution through dividends, splits, or similar transactions. Accordingly, Tether was granted the authority to purchase additional shares within 12 months following the closing date. These measures were designed to provide significant financial flexibility to Bitdeer while preserving the investment‘s value.
Bitdeer plans to allocate the proceeds from this transaction to various strategic initiatives. These include expanding data center infrastructure, advancing the development of ASIC-based mining machines, and strengthening working capital for general corporate purposes. This capital influx is expected to enhance Bitdeer’s operational capabilities and support its growth trajectory in the competitive Bitcoin mining sector.
What Will the Partnership with Tether Bring?
Bitdeer’s Chief Operating Officer Linghui Kong expressed excitement about the partnership with Tether. He emphasized that Tether’s investment reflects strong confidence in Bitdeer’s vision and operational strength. This collaboration will accelerate Bitdeer’s growth and solidify its leadership in sustainable and efficient Bitcoin mining.
Tether’s CEO Paolo Ardoino echoed this sentiment, highlighting Bitdeer’s position as a vertically integrated operator with cutting-edge technology and a robust R&D foundation. He noted that Bitdeer’s proven track record and management team align well with Tether’s long-term strategic vision, foreseeing close collaboration in key infrastructure areas.
