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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.

Cantor Fitzgerald & Co. is acting as the placement agent for the private placement.

Bitdeer's Capabilities and Operations

Bitdeer handles complex processes involved in computing, such as equipment procurement, transport logistics, data center design and construction, equipment management, and cloud capabilities.

Tether's Commitment to Stable Value

Tether is a cryptocurrency designed to maintain a stable value relative to real-world currency. The company describes itself as the creator "of the largest, most transparent, and liquid stablecoin in the industry... dedicated to building sustainable and resilient infrastructure for the benefit of underserved communities."

Tether invests $150M in Crypto Miner Bitdeer : Statements from Tether

"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&D organization," said Paolo Ardoino, CEO of Tether, in a statement. "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."