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Home»EXCHANGE NEWS»Bitdeer announces up to $150 million in private financing
EXCHANGE NEWS

Bitdeer announces up to $150 million in private financing

By Crypto FlexsMay 31, 20243 Mins Read
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Bitdeer announces up to 0 million in private financing
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During pre-market trading, Bitdeer’s shares rose more than 10% to $6.44. The movements of stock prices indicate the impact of the digital asset sector on the traditional financial industry.

Bitdeer, a Nasdaq-listed company focused on providing Bitcoin (BTC) mining solutions, has signed a subscription agreement with Tether. This will allow the stablecoin issuer to purchase approximately $100 million worth of Bitdeer shares, with options worth an additional $50 million. The same goes for equity.

According to a press statement, the agreement includes a “private placement of 18,587,360 shares of Class A common stock and warrants to purchase up to an additional 5,000,000 shares at $10 per share.” The deal was also finalized on Thursday.

Bitdeer’s Chief Business Officer Linghui Kong said Tether’s potential $150 million investment will enable the Bitcoin mining company to accelerate growth and expand its global presence, positioning it as a leader in the sustainable Bitcoin mining industry. He said he would be able to do it.

“This significant investment demonstrates confidence in our vision and the strength of our broader global operations.”

According to the Bitdeer website, the company has six mining data centers around the world and currently has a total hashrate under management of 22EH/s.

The former Tether technical lead and current CEO of the stablecoin issuer described Bitdeer as “one of the most powerful vertically integrated operators in the Bitcoin mining industry,” adding:

“Bitdeer’s proven track record and world-class management team are perfectly aligned with Tether’s long-term strategic vision. We look forward to working closely with Bitdeer in several key infrastructure areas in the future.”

Specifically, according to the press release, the funds will be used to expand data centers around the world and develop application-specific integrated circuit (ASIC) mining chips.

It is important to note that during pre-market trading, Bitdeer’s stock price rose more than 10% to $6.44, according to data from Yahoo Finance. The movement of stock prices indicates the impact of the digital asset sector on the traditional financial industry.

In addition, Cantor Fitzgerald & Co., an American financial services company, was selected as the placement agent. Recently, the company’s CEO, Howard Lutnick, said in an interview with Bloomberg TV that Tether has “the money they say they have.”

Tether expands into Bitcoin mining

Tether recently confirmed that it had invested $500 million over six months in the Bitcoin mining sector, and in an interview with DLNews at Paris Blockchain Week in early April, Ardoino said the funds will be used to create mining facilities and energy stations in Uruguay, Paraguay. It was stated that it was used for With El Salvador being the first country to adopt Bitcoin as fiat currency.

The stablecoin issuer is focused on “building renewable energy stations, including solar and wind, and then moving on to geothermal.” Last November, Tether first confirmed that it would invest in the Bitcoin mining industry.

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