31 May

Bitdeer, a cryptocurrency mining firm headed by Jihan Wu, is securing fresh funding from Tether, the entity behind the prominent stablecoin USDT. Tether has committed to investing up to $150 million in Bitdeer through a private placement deal. 

This agreement encompasses purchasing 18,587,360 Class A ordinary shares and a warrant for an additional 5,000,000 shares at $10.00 each.

The initial transaction on May 30 yielded $100 million in gross proceeds from share issuance, with the potential to raise an additional $50 million if the warrant is exercised fully. Bitdeer plans to utilize these funds to expand its data centers, develop ASIC-based mining rigs, and for other operational needs.

Linghui Kong, Bitdeer's chief business officer, expressed excitement about Tether's investment, stating it will propel the company's growth in sustainable bitcoin mining. Paolo Ardoino, CEO of Tether, praised Bitdeer's technological prowess and R&D efforts, affirming their alignment with Tether's long-term strategy. Ardoino anticipates close collaboration with Bitdeer in key infrastructure areas going forward.

May 2024, Cryptoniteuae

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