According to a recent submission to the U.S. Securities and Exchange Commission (SEC), Tether, the issuer of USDT stablecoin, has purchased a significant percentage of Bitdeer, a Bitcoin mining enterprise. The disclosure reveals that Tether now commands a 25% share in Bitdeer, positioning it as the second-largest shareholder after Victory Courage Ltd., an entity linked to Bitdeer's CEO, Jihan Wu.

Shares of Bitdeer are currently valued at $7.15, indicating a 2% uptick following the commencement of U.S. trading. Over the course of May, the company has experienced a remarkable 26% escalation in its share price.

In its SEC report, Tether Holdings Limited disclosed its ownership of 23,587,360 BTDR shares, a notable increment resulting from a private offering arrangement. This transaction, which facilitated a $100 million financing for Bitdeer, also granted Tether the rights to acquire an additional 5,000,000 shares at $10.00 per share over the next year.

The capital raised from this deal is earmarked for the expansion of Bitdeer's data centers, the development of ASIC-based mining rigs, and allocation towards general operational objectives. Bitdeer's Chief Business Officer, Linghui Kong, expressed optimism about the collaboration with Tether, foreseeing accelerated growth and sustained leadership in eco-friendly Bitcoin mining.

Bitdeer, which entered Nasdaq trading under the symbol BTDR in the previous year, underwent challenges culminating in its public listing via a merger with Blue Safari Group, a special purpose acquisition company.

This investment by Tether reflects its broader strategy to diversify its investment portfolio and fortify its footing in the cryptocurrency domain. Recent reports indicate Tether's unprecedented profit of $4.52 billion in the first quarter of 2024, dominated by gains from U.S. Treasury assets supporting the $110 billion USDT stablecoin.