Tether, the stablecoin issuer, has reportedly acquired a significant 25% stake in Bitdeer, a prominent Bitcoin miner, as stated in a recent filing with the United States Securities and Exchange Commission (SEC).
Just behind Victory Courage Ltd., which is owned by Bitdeer CEO Jihan Wu, the company that is responsible for Tether (USDT) currently holds the second-largest number of shares in the company that mines Bitcoin with regard to the total number of shares. Before being appointed to his current position in March 2024, Wu was a co-founder of Bitmain, a prominent manufacturer of ASICs, and he had previously served as the company’s CEO.
Bitdeer Shares Continue Their Strong Growth
As of right now, Bitdeer shares are being traded at $7.15, which represents a 2% increase since the opening of markets in the United States. The share price of the Bitcoin miner has increased by 26% since the beginning of May.
A recent filing with the Securities and Exchange Commission revealed that Tether Holdings Limited is the owner of 23,587,360 BTDR shares. A private placement agreement that the company just recently finalized with the miner is directly responsible for the significant increase in its Bitdeer holdings that it has experienced. With the help of the agreement, Bitdeer was able to successfully acquire a substantial financing amount of one hundred million dollars. In addition, the agreement contains a warrant that gives Tether the right to purchase an additional five million shares at a price of ten dollars per share within the next twelve months.
It has been announced that Bitdeer intends to use the funds to improve its data centers, develop advanced mining rigs that are based on ASIC technology, and support a variety of corporate initiatives.
“We are ready to speed up our expansion and maintain our position as pioneers in environmentally friendly and productive Bitcoin mining,” said Linghui Kong, Chief Business Officer of Bitdeer, in a recent press release. “Thanks to Tether’s backing, we are ready to do both of these things.” “This collaboration represents a major achievement for Bitdeer, and we are excited about the remarkable accomplishments we can accomplish in unison.”
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
>> Invest In Cryptocurrencies Now!
Bitdeer has made significant progress on its path to becoming a publicly traded company on the Nasdaq. Under the ticker symbol BTDR, it has been traded on the stock market since the previous year. A merger with Blue Safari Group, which was facilitated by a particular purpose acquisition company (SPAC), was the catalyst for the company’s eventual public offering, which took place in the previous year after a string of delays.
A Few Important Announcements From Tether
When the USDT issuer announced on Wednesday, they disclosed that they had made an investment of $19 million in XREX Group. This company also receives support from the Taiwanese government’s National Development Fund. XREX has indicated that it intends to make use of the funding in order to advance cross-border business-to-business payments that are based on USDT and to introduce XAU1, its proprietary stablecoin that is pegged to the United States dollar.
The Major Payment Institution License was recently awarded to XREX Singapore, the entity that represents the startup in Singapore. The Monetary Authority of Singapore granted this license. The company can function as a payment processor within the geographical boundaries of the country if it possesses this license.
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