Tether, the issuer of the world’s largest stablecoin USDT, has increased its ownership in cryptocurrency mining firm Bitdeer Technologies Group to 21.4%.
Tether's Investment in Bitdeer
In May 2024, Tether entered into a subscription agreement with Bitdeer, purchasing 18,587,360 Class A ordinary shares and a warrant to purchase an additional 5 million shares at $10 per share. The original transaction raised $100 million in gross proceeds with the potential for an additional $50 million if the warrant is fully exercised.
Strategic Investment Goals
Tether's investments aim to diversify its portfolio and increase the stability and credibility of its USDT token by investing in blockchain technology, including the technology provided by Bitdeer.
Industry Impact
Increasing its stake to 21.4% positions Tether as a major shareholder of Bitdeer, solidifying its role in the cryptocurrency mining industry and promoting technological innovation and infrastructure development.
Tether's increased stake in Bitdeer underscores its strategic ambitions in the cryptocurrency mining industry, supporting USDT's stability and innovations in the sector.
