Tether invested $100m in shares of Singapore-based Bitcoin miner Bitdeer.
Bitdeer’s founder is Chinese crypto billionaire Jihan Wu, who also co-founded Bitmain
Stablecoin issuer Tether Holdings acquired a $100 million stake in US-listed Bitcoin miner Bitdeer Technologies, with an option to buy another $50 million in shares within 12 months after closing.
The private placement closed on May 30, according to a Bitdeer news release.
“We regard Bitdeer as one of the strongest vertically integrated operators in the Bitcoin mining industry, differentiated by its cutting-edge technologies, and a robust R&D organisation,” said Paolo Ardoino, CEO of Tether.
He added: “Bitdeer’s proven track record and world-class management team are perfectly aligned with Tether’s long-term strategic vision.”
Bitdeer said it intends to use the net proceeds from the sale to fund its data center expansion, ASIC-based mining rig development and for working capital and other general corporate purposes.
“With Tether’s support, we are poised to accelerate our growth and continue our leadership in sustainable and efficient Bitcoin mining,” said Linghui Kong, chief business officer of Bitdeer.
Bitdeer’s founder and CEO is Chinese crypto billionaire Jihan Wu, who in 2013 co-founded Bitmain, which has become the world’s biggest computer chip company for Bitcoin mining.
Headquartered in Singapore, Bitdeer has deployed data centers in the US, Norway, and Bhutan.