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USDT stablecoin issuer Tether has acquired a substantial stake in Bitcoin mining company Bitdeer. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Tether now controls 25% of Bitdeer’s shares, making it the second-largest shareholder after Victory Courage Ltd., which is associated with Bitdeer CEO Jihan Wu. 
Bitdeer shares are currently trading at $7.15, reflecting a 2% increase since U.S. markets opened. The company has seen a remarkable 26% rise in its share price since early May. 
Tether Holdings Limited disclosed in an SEC filing that it now holds 23,587,360 BTDR shares. This major increase in its stake results from a private placement deal. The transaction enabled Bitdeer to raise $100 million in financing and included a warrant allowing Tether to purchase up to 5,000,000 additional shares at $10.00 per share over the next year. 
Bitdeer intends to use the proceeds from this deal to expand its data centers, develop ASIC-based mining rigs, and fund 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, in a press release. “This partnership marks a significant milestone for Bitdeer, and we look forward to achieving great things together.” 
Bitdeer, which began trading on Nasdaq under the ticker BTDR last year, has navigated a challenging path to its public listing. It went public through a special purpose acquisition company (SPAC) merger with Blue Safari Group after facing several delays. 
This investment is part of Tether’s broader strategy to diversify its portfolio and strengthen its position in the cryptocurrency industry. According to Cointelegraph, Tether recently reported a record-breaking $4.52 billion profit in the first quarter of 2024, driven largely by gains from its U.S. Treasury holdings, which back its $110 billion USDT stablecoin. 
The post <a href="https://www.unlock-bc.com/124326/tether-now-controls-25-of-bitcoin-miner-bitdeers-shares/">Tether Now Controls 25% of Bitcoin Miner Bitdeer’s Shares</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Tether Now Controls 25% of Bitcoin Miner Bitdeer’s Shares

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