Bitdeer, the crypto mining company owned by Jihan Wu, gains $150 million in funding from Tether
Crypto News– Jihan Wu’s cryptocurrency mining firm, Bitdeer, is raising new capital from Tether, the operator of the world’s largest stablecoin, USDT.
According to an official announcement on May 31, Tether has entered into a subscription agreement with Bitdeer to purchase up to $150 million worth of its shares in a private placement. This deal includes 18,587,360 Class A ordinary shares and a warrant to buy up to 5 million additional shares at $10.00 per share.
The announcement revealed that the private placement transaction generated $100 million in gross proceeds from the share issuance on May 30. If the warrant is fully exercised, it could raise an additional $50 million.
With these new funds, Bitdeer plans to expand its data centers, develop an application-specific integrated circuit (ASIC)-based mining rig, and support other growth initiatives.
The company specializes in both proprietary and host mining, catering to mining clients’ needs with its infrastructure and facilities. Bitdeer is renowned for its vertically integrated business model, which means it has complete control over the production of raw materials, assembly, distribution, and sales of its products.
We are thrilled to welcome Tether as a significant investor in Bitdeer, remarked Bitdeer’s chief business officer Linghui Kong. He added, With Tether’s support, we are poised to accelerate our growth and continue our leadership in sustainable and efficient Bitcoin mining. This partnership marks a significant milestone for Bitdeer, and we look forward to achieving great things together.
According to Tether CEO Paolo Ardoino, Bitdeer stands out as one of the strongest vertically integrated operators in the Bitcoin mining industry, owing to its cutting-edge technologies and robust research and development efforts.
FAQs
Why did Jihan Wu’s Bitdeer secure a $150 million investment from Tether?
Bitdeer secured the investment from Tether to accelerate its growth and strengthen its position in the cryptocurrency mining industry.
When was the agreement between Bitdeer and Tether made?
According to the official announcement, the agreement between Bitdeer and Tether was made on May 31.
What are the details of the investment from Tether?
Tether entered into a subscription agreement with Bitdeer to purchase up to $150 million worth of its shares in a private placement. This includes 18,587,360 Class A ordinary shares and a warrant to purchase up to 5 million additional shares at $10.00 per share.
For the latest in crypto updates, keep tabs on Crypto Data Space.
![Stage The Ultimate Platform for Music, Technology, and Fan Engagement [RAW]](https://cryptodataspace.com/wp-content/uploads/2024/06/Stage-The-Ultimate-Platform-for-Music-Technology-and-Fan-Engagement-RAW-150x150.jpg "Stage: The Ultimate Platform for Music, Technology, and Fan Engagement [RAW] | Crypto Data Space")
Leave a comment