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.
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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.