bitdeer

Bitdeer Secures Funding from Tether for Cryptocurrency Mining Expansion

The Big Whale

— 1 min read
  • Tether invests up to $150M in Bitdeer for data center expansion and ASIC development.
  • $100M raised in private placement, with potential for additional $50M from warrant.
  • aims to enhance mining efficiency and sustainability with new capital.
  • Tether's investment reflects confidence in Bitdeer's vision and operations.
  • Bitdeer's self-mining hash rate at 6.7 EH/s, plans expansion in Texas and Norway.
  • Tether's new business unit focuses on sustainable bitcoin mining operations.

Summary :

Cryptocurrency mining firm Bitdeer has secured new funding from Tether, the operator of the largest stablecoin, USDT. Tether has entered into a subscription agreement to purchase up to $150 million worth of Bitdeer shares in a private placement. The initial transaction generated $100 million in gross proceeds, with the potential to raise an additional $50 million if a warrant is fully exercised. Bitdeer plans to use the funds for data center expansion, development of ASIC-based mining rigs, and other purposes. Bitdeer is known for its vertically integrated business model and is one of the largest cryptocurrency mining companies in the world.

Sources :

- CoinTelegraph
- Blockworks
- Bankless
- TheBlock
- Coindesk

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