Stablecoin Issue Tether Increases Ownership in Bitcoin Miner Bitdeer
A new SEC filing on June 4 shows that Tether, the company behind USDT, owns 25% of Bitcoin miner Bitdeer’s shares.
A recent filing by the United States Securities and Exchange Commission (SEC) shows that Tether, a stablecoin issuer, currently manages 25% of shares for Bitdeer, a Bitcoin miner.
Tether Increases Stake in Bitcoin Mining Firm Bitdeer
That makes the firm behind Tether (USDT), the second-biggest shareholder of the Bitcoin miner’s share, behind Victory Courage., which is registered to Jihan Wu, Bitdeer’s chief executive officer. Prior to his March appointment, Wu was Bitmain’s ex-chief and co-founder.
At the time of writing, Bitdeer shares were trading for $7.15, up 2% since the opening of the United States market. Further, the Bitcoin miner has witnessed an impressive 26% gain in its share price since the beginning of last month.
In a June 6 filing, Tether Holdings Limited divulged that it currently manages 23587360 BTDR shares. The significant rise in its Bitdeer holdings results from a private placement agreement. The deal enabled Bitdeer to generate $100M in financing. Besides, this deal entails a warrant that permits Tether to buy up to 5000000 extra shares at $10 for every share over the next year.
Bitdeer claimed it intends to utilize the earnings to boost its data centers, create ASIC-founded mining rigs, and for general corporate purposes.
Bitdeer Eyes Growth in Sustainable Bitcoin Mining
In a press release, Linghui Kong, Chief Business Officer of Bitdeer, noted that with Tether’s backing, they are poised to hasten their growth and continue leadership in efficient and sustainable Bitcoin mining. The collaboration marks a considerable milestone for Bitdeer, and they look forward to attaining more together.
Bitcoin has had a long journey to becoming listed on the Nasdaq, where it has been traded under the BTDR ticket since 2023. It went public via a special purpose acquisition company (SPAC) merger with Blue Safari Group in 2023 following three delays.
The Bitdeer private sale is not the only deal by Tether. On June 5, the USDT issuer revealed a $19M investment in XREC Group, a company supported by the Taiwanese Government National Development Fund. XREC claimed it intends to utilize the funding to create USDT-founded cross-border business-to-business payments and to unveil XAU1, its United States dollar-pegged stablecoin.
XREX Singapore, the startup’s Singapore entity, was offered the Monetary Authority of Singapore’s Major Payment Institution License, which permits it to run as a payment processor in the nation.
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