Tether Expands Holdings in Bitdeer and Reports Record Profits

• Tether now owns 25% of Bitdeer shares, becoming the second-largest shareholder.
• Bitdeer's shares are trading at $7.15, up 2% since U.S. markets opened.
• Tether closed a $100 million private placement deal with Bitdeer, acquiring 23,587,360 shares.
• Tether reported a record $4.52 billion profit in Q1 2024, largely from U.S. Treasury holdings.
• Bitdeer plans to use the financing to expand data centers and develop mining rigs.
• Tether also invested $19 million in XREX Group for USDT-based cross-border payments and XAU1 stablecoin.

Summary :
Tether, the stablecoin issuer, now holds 25% of shares in Bitcoin miner Bitdeer, making it the second-largest shareholder behind Bitdeer CEO Jihan Wu's Victory Courage Ltd. Tether acquired the shares through a private placement deal, allowing Bitdeer to raise $100 million in financing. The deal also includes a warrant that allows Tether to purchase additional shares in the future. Bitdeer plans to use the proceeds to expand its data centers and develop mining rigs. In other news, Tether reported a record-breaking $4.52 billion profit in Q1 2024, largely attributed to its US Treasury holdings. Additionally, Tether recently invested $19 million in XREX Group, a firm focused on cross-border B2B payments. XREX plans to use the funding to develop USDT-based payments and launch its own stablecoin.

Sources :

- Decrypt