Tether recently announced a subscription agreement with Bitdeer 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 up to 5,000,000 additional shares at $10.00 per share. Currently, Bitdeer shares are trading between $6 to $7 per share.

On Thursday, the private placement transaction generated $100 million in gross proceeds from the share issuance, with the potential to raise an additional $50 million if the warrant is fully exercised.

“We regard Bitdeer as one of the strongest vertically integrated operators in the Bitcoin mining industry, differentiated by its cutting-edge technologies, and a robust R&D organization,” said Paolo Ardoino, CEO of Tether. “Bitdeer’s proven track record and world-class management team are perfectly aligned with Tether’s long-term strategic vision. We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward.”

Bitdeer’s stock (BTDR) has risen over 13% in intraday trading, indicating a positive market response to Tether’s investment.

Tether’s Interest in Bitcoin Mining

This investment is a significant step for Tether, the developer of the world’s largest stablecoin, USDT. It indicates Tether’s willingness to invest in Bitcoin (BTC) mining, reflecting a broader interest in developing the crypto economy. By supporting Bitcoin mining, Tether secures a crucial aspect of the crypto ecosystem.

This move aligns with Tether’s strategy to diversify its portfolio and reinforce the stability and reliability of its USDT token by investing in blockchain technology like that provided by Bitdeer.

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