Bitdeer Technologies Group, a leading blockchain and high-performance computing company, has announced a significant investment from Tether International Limited.
According to a press release, the two companies completed an agreement on May 30, 2024, in which Tether acquired over 18,587,360 Class A ordinary shares of Bitdeer, along with a warrant to purchase up to 5,000,000 additional shares within 12 months.
The deal generated $100 million in gross proceeds for Bitdeer and could raise another $50 million if the additional shares are bought. Bitdeer stated that it intends to utilize the net proceeds to fund its data centre expansion, develop ASIC-based mining rigs, support operational capital, and other general corporate functions.
Linghui Kong, Bitdeer’s Chief Business Officer, expressed enthusiasm about the partnership, stating,
“We are thrilled to welcome Tether as a significant investor in Bitdeer. This substantial investment demonstrates confidence in our vision and the strength of our extensive global operations. With Tether’s support, we are poised to accelerate our growth and continue our leadership in sustainable and efficient bitcoin mining.”
Paolo Ardoino, CEO of Tether, also commented on the collaboration, highlighting the alignment between Bitdeer’s track record, management team, and Tether’s long-term strategic vision.
“We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward,”
Ardoino stated.
This development comes from a growing momentum and investment activity in the Bitcoin mining sector, as companies seek to strengthen their operations, expand capabilities, and solidify their positions in an increasingly competitive market.
OCEAN, a Bitcoin mining pool supported by Jack Dorsey and led by Bitcoin Core developer Luke Dashjr, recently announced the formation of a new entity in El Salvador, OCEAN Mining. The company expressed its commitment to supporting Bitcoin education and community development initiatives in the country, including in areas like El Zonte, known as “Bitcoin Beach.”
Meanwhile, Luxor Technology Corporation, a Bitcoin mining software company, has launched “Hashrate Futures,” a Bitcoin mining derivative product, on Bitnomial’s US-based derivatives exchange. The financial product is the first of its kind; and, it is expected to expand the range of financial instruments available in the industry.
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