2024

Bitcoin

Billion

Bitdeer Technologies Group, a Bitcoin mining and technology company, and Tether reached a private sale agreement for up to $150 million of Tether’s shares on Thursday. 
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 We are thrilled to announce that Tether International Limited has made a private placement financing of up to US$150 million in Bitdeer.&nbsp; This strategic investment will power our data center expansion and advance the development of our ASIC-based mining rigs. Read the full press… <a href="https://t.co/6jcC9In2Zb" target="_blank">pic.twitter.com/6jcC9In2Zb</a>— Bitdeer (@BitdeerOfficial) <a href="https://twitter.com/BitdeerOfficial/status/1796512809469329516?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 31, 2024</a>
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Under this subscription <a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-announces-150-million-private-placement-financing" target="_blank" rel="noreferrer noopener nofollow">agreement</a>, 18,587,360 Class A ordinary shares will be privately placed, and there is a warrant to buy up to 5,000,000 additional shares at $10.00 each, marking the conclusion of the private placement on May 30, 2024. 
The warrant may be fully exercised to generate an additional $50 million in gross revenues and would bring the total proceeds from the transaction to $100 million. The warrant may be used within a year at Tether’s discretion, subject to anti-dilution measures.&nbsp; 
The warrant offers weighted average anti-dilution protection for shares issued below the initial exercise price in addition to typical anti-dilution provisions for share splits, dividends, and similar transactions. It can be used within a year of closing, at Tether’s discretion. 
Bitdeer wants to use the net proceeds of this private offering for working capital and other general company reasons, as well as for the growth of its data center and the development of ASIC-based mining rigs. 
Linghui Kong, who recently <a href="https://www.cryptotimes.io/2024/01/29/bitdeer-founder-jihan-wu-to-take-over-ceo-position/" target="_blank" rel="noreferrer noopener">became Chief Business Officer</a> of Bitdeer, expressed excitement over the arrangement, saying that it shows faith in the company’s strong worldwide operations and vision. The company will maintain its leadership in sustainable bitcoin mining and accelerate its growth with Tether. 
Paolo Ardoino, CEO of Tether, said, “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.” 
Bitdeer showcased robust <a href="https://www.cryptotimes.io/2024/03/29/bitdeer-technologies-reported-strong-growth-in-2023/" target="_blank" rel="noreferrer noopener">financial growth in 2023</a>, with total revenue surging to$368.6 million from US$333.3 million in 2022. Additionally, the company has <a href="https://twitter.com/BitdeerOfficial/status/1764497981909192705" target="_blank" rel="noreferrer noopener nofollow">announced</a> the successful test of its home-designed bitcoin mining chip, the SEAL01. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/23/circle-and-tether-mint-1-2-billion-in-stablecoins/" target="_blank" rel="noreferrer noopener">Circle and Tether Mint $1.2 Billion in Stablecoins</a> 
</blockquote>

Tether to Invest $150M in Bitdeer Through Private Sale

The Crypto Times

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