In a move that strengthens its presence in the cryptocurrency ecosystem, Tether, the issuer of the leading stablecoin USDT, has acquired a significant stake in Bitcoin mining company Bitdeer. According to a recent SEC filing, Tether now owns 25% of Bitdeer, making it the company's second-largest shareholder. Tether's investment in Bitdeer diversifies its portfolio and establishes a presence in the important Bitcoin mining industry. This industry has a direct impact on the Bitcoin network's stability and security, which in turn affects BTC pricing and overall market confidence in cryptocurrencies.
This strategic investment positions Tether as a major player in the Bitcoin mining landscape. Bitdeer's shares have seen a positive response, rising 2% since the US markets opened and an impressive 26% since early May.
The deal, finalized through a private placement, provided Bitdeer with $100 million in financing. Tether acquired 23,587,360 BTDR shares and holds the option to purchase an additional 5 million shares within the next year at a price of $10 per share.
Bitdeer plans to use these funds to expand its data center infrastructure, invest in the development of next-generation ASIC mining rigs, and address general corporate needs. Bitdeer's Chief Business Officer, Linghui Kong, expressed enthusiasm about the partnership, highlighting its potential to drive growth and leadership in sustainable Bitcoin mining.
This news follows Tether's recent investment in XREX Group, a Taiwanese government-backed company that facilitates cross-border B2B payments using USDT. Notably, XREX Singapore, a subsidiary of the company, has secured a Major Payment Institution License from the Monetary Authority of Singapore, allowing it to operate as a licensed payment processor in the country.
