Bitcoin

On Friday, Tether announced that it had entered into a subscription agreement with Bitdeer to buy 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, per the press release. <a href="https://crypto.news/bitcoin-miner-bitdeer-in-talks-to-raise-100m-to-boost-mining-capacity/" target="_blank" data-type="link" data-id="https://crypto.news/bitcoin-miner-bitdeer-in-talks-to-raise-100m-to-boost-mining-capacity/" rel="">Bitdeer</a> shares are currently trading between $6 to $7 a share.&nbsp; 
On Thursday, the private placement transaction yielded $100 million in gross proceeds from the share issuance, with the chance 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&amp;D organization,” said <a href="https://crypto.news/tether-mints-1-billion-usdt-on-ethereum-forecasting-an-etf-approval/" target="_blank" data-type="link" data-id="https://crypto.news/tether-mints-1-billion-usdt-on-ethereum-forecasting-an-etf-approval/" rel="">Paolo Ardoino</a>, CEO of <a href="https://crypto.news/tether-launches-testing-phase-for-bitcoin-mining-platform/" target="_blank" data-type="link" data-id="https://crypto.news/tether-launches-testing-phase-for-bitcoin-mining-platform/" rel="">Tether</a>, in the press release. “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 (<a href="https://finance.yahoo.com/quote/BTDR/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAFrHiLdRHiHOEzMzkXzV4JwlxjSUowCwYksXulJj9fiKoXv4YKLMb9T0fBxIvIkL8hTXRwgaSFCSOSg_xw0RPd-H15Hnq0hC0L_MeXpH_Moh13uvASxWindGmkYKKc6SbVbZ3UgUY7wpIXo1s6qWnJ821SPjqMz96lxi8qsJHZZf" target="_blank" data-type="link" data-id="https://finance.yahoo.com/quote/BTDR/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAFrHiLdRHiHOEzMzkXzV4JwlxjSUowCwYksXulJj9fiKoXv4YKLMb9T0fBxIvIkL8hTXRwgaSFCSOSg_xw0RPd-H15Hnq0hC0L_MeXpH_Moh13uvASxWindGmkYKKc6SbVbZ3UgUY7wpIXo1s6qWnJ821SPjqMz96lxi8qsJHZZf" rel="">BTDR</a>) is up over 13% in intraday trading at the time of writing, indicating the market’s positive response to Tether’s investment.&nbsp; 
<h2 class="wp-block-heading" id="tether-s-interest-in-btc-mining">Tether’s interest in BTC mining&nbsp;</h2> 
This investment marks a significant step from <a href="https://crypto.news/tag/tether/" data-type="link" data-id="https://crypto.news/tag/tether/" target="_blank" rel="">Tether</a>, the developer of the world’s largest stablecoin, USDT. It shows that Tether is willing to invest in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="">BTC</a>) mining, reflecting its wider interest in developing the crypto economy. Tether secures a critical aspect of the crypto ecosystem by supporting Bitcoin mining. 
This move aligns with Tether’s broader strategy of diversifying its portfolio and reinforcing the stability and reliability of its USDT token by investing in blockchain technology, like the technology provided by Bitdeer.&nbsp;

Tether investing up to $150M in crypto mining firm Bitdeer

Table of Contents

crypto.news

Other articles published on May 31, 2024

COMPARISON) PEPE And BONK Investors Celebrate Bullish Trends; Rebel Satoshi’s New Memecoin Poised...

StartupBeat - Atlas Navi: The First AI Navigation App - June 27, 2022

Caitlyn Jenner Profits $405K from Solana Memecoins in 4 Days

Ethereum whales dive into ETH at $3.7K – Will the market follow?

SimpleSwap Launches a Trading Contest With $12,000 prize pool

Top Crypto Presale in 2024: MoonBag Leaves Bitcoin Cash & Shiba Inu in the Dust

Join our free newsletter for daily crypto updates!