- Bitdeer has announced a new subscription agreement.
- The agreement involved a popular stablecoin issuer.
- Bitdeer raised millions following the agreement.
Nasdaq-listed Bitcoin miner Bitdeer Technologies Group announced on Friday that it has received tens of millions in private placement financing from USDT issuer Tether.
Founded by Jihan Wu in 2020, Bitdeer is a Singapore-based firm that specializes in blockchain and high-performance computing. The company provides comprehensive solutions for designing, constructing, and managing data centers that power blockchain applications.
Bitdeer Secures Tetherโs Investment
In a press release dated May 31, Bitdeer announced its subscription agreement with Tether for the private placement of 18,587,360 Class A ordinary shares and a warrant to purchase up to 5,000,000 additional shares at $10.00 per share.
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While the transaction generated $100 million in gross proceeds from the share issuance following Thursday’s closing of the private placement, Bitdeer said it could โprovide an additional $50 million if the warrant is fully exercised.โ
โThe warrant is subject to customary anti-dilution provisions reflecting share dividends and splits or other similar transactions, and weighted average anti-dilution protection with respect to the issuance of ordinary shares or ordinary share equivalents for consideration per share less than the initial exercise price of the warrant,โ the statement read.
Noting that the warrant was exercisable at Tetherโs discretion within 12 months after closing, Bitdeer said it intended to use net proceeds from the private placement to expand its data center, fund ASIC-based mining rig development, and bolster working capital.
Tether CEO Paolo Ardoino said the stablecoin issuer was delighted to work with Bitdeer, a company he described as โone of the strongestโ vertically integrated operators in the Bitcoin mining industry.
Stay updated on Tetherโs recently reported record profits:
Tether Reports Record Profits: Breaking Down USDT Reserves
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TON Taps Tether-backed Oobit for โInstant Crypto Tapโ Payments
