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Home»ADOPTION NEWS»Tether buys $100 million in shares of Bitcoin mining company Bitdeer.
ADOPTION NEWS

Tether buys $100 million in shares of Bitcoin mining company Bitdeer.

By Crypto FlexsJune 1, 20242 Mins Read
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Tether buys 0 million in shares of Bitcoin mining company Bitdeer.
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Special Offer • May 31, 2024 9:37 AM EDT

Posted 1 minute ago In ~

Bitcoin mining and AI cloud solutions company Bitdeer Technologies Group on Thursday signed an agreement with Tether to privately sell up to $150 million in stock.

The transaction brings the Nasdaq-listed company to raise gross proceeds of $100 million for the private placement of 18,587,360 shares of its Class A common stock, a company said. name.

It also included warrants allowing Tether to purchase up to 5 million additional shares at a price of $10 per share. If the warrants are fully leveraged, the company will raise an additional $50 million. that Customary anti-dilution provisions will apply and may be performed at Tether’s discretion within 12 months.

Bitdeer plans to use the capital raised to fund data center expansion, ASIC-based mining development, and for general corporate business purposes.

Bitdeer Chief Business Officer Linghui Kong said Tether’s investors ““This demonstrates confidence in our vision and the strength of our broader global operations.”

“We look forward to working closely with Bitdeer on several key infrastructure areas in the future,” added Tether CEO Paolo Ardoino.

This comes just two months after Bitdeer. Announced a successful test SEAL01, a self-designed Bitcoin mining chip, “delivers improved mining performance with minimal power consumption, lowering miners’ operating costs and reducing environmental impact,” the company claims.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Jordan Leech is an editorial intern at The Block based in Berlin. He worked as a broadcast reporter, camera operator, and producer for several years before moving on to work in the cryptocurrency industry. Jordan holds degrees in Philosophy and Political Science from the University of Guelph and is an avid photographer and traveler in his spare time.

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