Bitcoin mining and AI cloud solutions firm Bitdeer Technologies Group announced an agreement with Tether for the private sale of up to $150 million in shares. The Nasdaq-listed company raised $100 million in gross proceeds through the private placement of 18,587,360 Class A ordinary shares.
The deal also includes a warrant for Tether to purchase up to 5 million additional shares at $10 per share. If fully exercised, this warrant would bring in an additional $50 million. The warrant, which includes customary anti-dilution provisions, can be exercised at Tether’s discretion within the next 12 months.
Bitdeer intends to utilize the capital raised to expand its data center, advance ASIC-based mining technology, and support general corporate activities. Bitdeer’s Chief Business Officer, Linghui Kong, remarked that Tether’s investment “demonstrates confidence in our vision and the strength of our extensive global operations.”
Tether CEO Paolo Ardoino added, “We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward.”
This investment follows Bitdeer’s announcement two months ago of the successful testing of its proprietary bitcoin mining chip, the SEAL01. The company claims that the SEAL01 chip will enhance mining performance while minimizing power consumption, thereby reducing operating costs and the environmental impact of mining operations.