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<a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2020/jihan-wu">Jihan Wu</a>’s cryptocurrency mining firm Bitdeer is raising new capital from Tether, the operator of the world’s largest stablecoin, the eponymous Tether (USDT).
Tether has <a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-announces-150-million-private-placement-financing" target="_blank" rel="noopener nofollow">entered</a> into a subscription agreement with Bitdeer to purchase up to $150 million worth of its shares in a private placement, according to an official announcement on May 31.
The private placement 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.
The announcement states that on May 30, 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.
With fresh net proceeds, Bitdeer plans to fund its further data center expansion, development of an application-specific integrated circuit (ASIC)-based mining rig and other purposes.
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 Bitdeer's data center in Texas, the United States. Source:&nbsp;Bitdeer
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Established in 2018, Bitdeer is one of the world’s largest cryptocurrency mining companies. It was spun off from Chinese mining machine maker Bitmain. 
The firm specializes in both proprietary and host mining and services mining clients' needs with infrastructure and facilities. Bitdeer is known for its vertically integrated business model, meaning that the company has full control over the production of raw materials, assembly, distribution, and sales of its products.
“We are thrilled to welcome Tether as a significant investor in Bitdeer,” Bitdeer chief business officer Linghui Kong said, adding:
“With Tether's support, we are poised to accelerate our growth and continue our leadership in sustainable and efficient Bitcoin mining. This partnership marks a significant milestone for Bitdeer, and we look forward to achieving great things together.”
According to <a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2023/paolo-ardoino">Tether CEO Paolo Ardoino</a>, Bitdeer is one of the strongest vertically integrated operators in the Bitcoin mining industry due to its cutting-edge technologies and robust research and development efforts.
Related:&nbsp;<a href="https://cointelegraph.com/news/2-7-billion-worth-electricity-spent-bitcoin-mining-us-2024">$2.7B worth of electricity spent on US Bitcoin mining in 2024 — analyst</a>
“Bitdeer’s proven track record and world-class management team are perfectly aligned with Tether’s long-term strategic vision,” Ardoino noted, stating:
“We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward.”
Headquartered in Singapore, Bitdeer went public on Nasdaq in April 2023 via a special purpose acquisition company (SPAC) merger with Blue Safari Group Acquisition. Bitdeer originally <a href="https://cointelegraph.com/news/bitcoin-miner-to-go-public-on-nasdaq-after-4b-spac-merger">announced the SPAC deal</a> in November 2021.
The news comes a few months after Bitmain CEO Wu assumed the role of CEO at Bitdeer in March, as Kong transitioned to the company’s chief business officer. 
Wu founded the crypto mining firm in 2020 amid his departure from mining chip manufacturer Bitmain, which he co-founded with Micree Zhan in 2013.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto voters are already disrupting the 2024 election — and it’s set to continue</a>

Tether invests $150M in Jihan Wu’s crypto mining firm Bitdeer

Cointelegraph

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