Stablecoin Giant Tether Now Owns 25% of Bitcoin Miner Bitdeer

Stablecoin issuer Tether now controls 25% of shares for Bitcoin miner Bitdeer, based on a current U.S. Registration filing.

Which makes the organization behind Tether (USDT) the 2nd-largest shareholder from the BTC miner’s shares, behind Victory Courage Limited., that is registered to Bitdeer Chief executive officer Jihan Wu. Prior to being hired in March 2024, Wu was co-founder and former Chief executive officer of ASIC manufacturer Bitmain.

During the time of writing, Bitdeer shares are buying and selling for $7.15, up 2% since U.S. markets opened up. And also the Bitcoin miner has witnessed its share cost make a remarkable 26% gain since the beginning of May.

Inside a Thursday morning SEC filing, Tether Holdings Limited disclosed it now controls 23,587,360 BTDR shares. The large uptick in the Bitdeer holdings is the effect of a private placement deal it closed using the miner a week ago. Due to the deal, Bitdeer could raise $100 million in financing. The offer includes a warrant that enables Tether to buy as much as 5,000,000 additional shares at $10.00 per share within the the coming year.

Bitdeer stated it intends to make use of the proceeds to grow its data centers, develop ASIC-based mining rigs, as well as for other general corporate purposes.

“With Tether’s support, we’re poised to accelerate our growth and continue our leadership in sustainable and efficient Bitcoin mining,” Linghui Kong, Chief Business Officer of Bitdeer, stated inside a pr release a week ago. “This partnership marks a substantial milestone for Bitdeer, so we expect to achieving excellent achievements together.”

Bitdeer has traveled a lengthy route to getting on the Nasdaq, where it’s traded underneath the BTDR ticker since this past year. It went public via a SPAC (special purpose acquisition company) merger with Blue Safari Group this past year after being 3 times delayed.

The Bitdeer private purchase is not Tether’s only deal recently.

On Wednesday, the USDT issuer announced it invested $19 million in XREX Group, a strong which has backing in the Taiwanese Government National Development Fund. XREX stated it intends to make use of the funding to build up USDT-based mix border Business to business payments and also to launch XAU1, it’s own U.S. dollar-pegged stablecoin.

The startup’s Singapore entity, XREX Singapore, only agreed to be granted the Financial Authority of Singapore’s Major Payment Institution License, which enables it to function like a payment processor in the united states.

Edited by Andrew Hayward