Singapore-based cryptocurrency miner Bitdeer Technologies Group announced on Friday the completion of a private placement deal with Tether International Ltd., potentially bringing in proceeds of $150 million.
Tether invests $150M in Crypto Miner Bitdeer : Details of the Private Placement
The private placement, which closed on Thursday, saw cryptocurrency platform Tether acquire nearly 18.6 million Class A ordinary shares. Additionally, Tether secured a warrant to purchase up to 5 million more shares at $10 per share, according to Bitdeer’s statement.
This transaction generated $100 million in gross proceeds from the share issuance and could yield an additional $50 million.
Welcoming Tether’s Investment
“We are thrilled to welcome Tether as a significant investor in Bitdeer,” said Linghui Kong, chief business officer of Bitdeer, in Friday’s statement. “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. This partnership marks a significant milestone for Bitdeer, and we look forward to achieving great things together.”
Tether invests $150M in Crypto Miner Bitdeer : Bitdeer’s Plans for Growth
Bitdeer went public in late 2021 through a merger with special purpose acquisition company Blue Safari, carrying a $4 billion enterprise value. The company plans to use the proceeds to fund data center expansion, Bitcoin mining development, and working capital.
