Key Points
- Bitdeer Technologies Group has sold $100 million of its shares to Tether.
- Bitdeer plans to use the raised capital for expansion, ASIC-based mining development, and general corporate purposes.
Bitdeer Technologies Group, a firm specializing in Bitcoin mining and AI cloud solutions, has sold up to $150 million of its shares to Tether in a private sale.
The transaction resulted in Bitdeer raising $100 million from the sale of 18,587,360 Class A ordinary shares, as per an official statement.
Additional Purchase Option for Tether
The deal also incorporated a warrant allowing Tether to acquire up to an additional 5 million shares at a rate of $10 per share.
If fully exercised, this could result in an additional $50 million in funding for Bitdeer.
The execution of this warrant is subject to standard anti-dilution provisions and can be implemented at Tether’s discretion within a year.
Use of Funds and Future Collaboration
Bitdeer plans to allocate the raised funds towards expanding its data center, developing ASIC-based mining, and for general corporate purposes.
Linghui Kong, Bitdeer’s Chief Business Officer, stated that Tether’s investment reflects their confidence in Bitdeer’s vision and robust global operations.
Paolo Ardoino, Tether’s CEO, also expressed anticipation for future collaboration with Bitdeer in key infrastructure areas.
This development follows Bitdeer’s announcement two months ago about the successful testing of their home-designed Bitcoin mining chip, the SEAL01.
The company asserts that this chip will provide improved mining performance with reduced power consumption, thus lowering operational costs and minimizing the environmental impact for miners.
