The Crypto Roundup: 03 June 2024 | CryptoCompare.com

The company behind the world’s most-used stablecoin USDT, Tether, has acquired a significant stake in Bitdeer Technologies Group, a publicly traded Bitcoin mining firm owned by Bitmain co-founder Jihan Wu.

According to a statement, the agreement involves a private placement of 18.6 million Class A ordinary shares, generating $100 million in gross proceeds which will be used to fund the expansion of Bitdeer’s data center operations, development of specialized mining equipment, and other general corporate purposes.

The deal also includes the option to purchase an additional $50 million worth of shares within a year, and the companies did not disclose what percentage of Bitdeer is now held by Tether.

This move represents a major step for Tether as it seeks to establish itself as a major player in Bitcoin mining. Last year, the company announced plans to invest half a billion dollars within six months to construct its own mining facilities in Uruguay, Paraguay, and El Salvador.

Bitdeer, headquartered in Singapore, is one of the largest publicly traded Bitcoin miners in the United States, with a market capitalization of around $670 million. The company operates data centers in the US, Norway, and Bhutan and was in talks with private credit firms to arrange $100 million in financing.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/jun/03/