Tether Makes Major Move Into Bitcoin Mining With $100 Million Investment In This Firm
Summary
Tether has acquired a $100 million stake in Bitdeer Technologies Group, a US-listed Bitcoin miner, with an option to purchase an additional $50 million shares. The deal involved a private placement of 18.6 million Class A ordinary shares, and Tether can acquire up to five million additional shares at $10 per share. The funds will support Bitdeer's data center operations and the development of crypto mining equipment. Bitdeer's shares rose by around 6.5% following the news. Tether's move aligns with its goal to become a major player in Bitcoin mining. Bitcoin mining rewards were halved in April, reducing profitability, while BTC's price is currently trading at $67,150.
