Tether Expands Stake in Bitdeer to 21.4%, Solidifying Strategic Partnership

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The issuer of the world’s largest stablecoin USDT, Tether,  has increased its ownership in cryptocurrency mining firm Bitdeer Technologies Group (NASDAQ: BTDR) to 21.4%. This investment shows Tether’s strategic plan to increase its influence within the cryptocurrency mining sector.​

Back in May 2024, Tether entered into a subscription agreement with Bitdeer, purchasing 18,587,360 Class A ordinary shares and a warrant to purchase an additional 5 million shares at $10 per share. The original transaction raised $100 million in gross proceeds with the possibility of an additional $50 million if the warrant is exercised fully. ​

Bitdeer plans to invest these proceeds towards expanding its data centers, developing ASIC-based mining rigs, and supporting general corporate purposes. The company views Tether as a strategic partner, with its state-of-the-art technologies and extensive research and development capabilities. ​

Strategic Alignment and Industry Impact

This investment aligns with Tether’s vision to diversify its portfolio and increase the stability and credibility of its USDT token by investing in blockchain technology, including the technology provided by Bitdeer.

Following the increase of its stake to 21.4%, Tether becomes a major shareholder of Bitdeer and even further solidifiesits role in the cryptocurrency mining industry, with ambitions to promote technological innovation and infrastructure construction within the industry.