Stablecoin USDT Issuer Tether Acquires 25% Stake in Bitcoin Miner Bitdeer
The firm behind the largest global stablecoin USDT issuer, Tether, confirmed owning a 25% stake in the Bitcoin miner Bitdeer as per Thursday, June 6 filing with the SEC.
The filing with the Securities and Exchange Commission (SEC) revealed that the Paolo Ardoiono-led firm owns a quarter of the Bitdeer shares. The stake makes Tether rank second in the Bitcoin miner’s shares, trailing Victory Courage Ltd.
USDT Issuer Tether Buys 25% Stake in Bitcoin Mining Firm
Tether’s stake is surpassed by Victory Courage Ltd, a firm registered with Bitdeer chief Jihan Wu. Before joining Bitdeer in March of this year, he also served as chief executive at ASIC manufacturer Bitmain, a firm he co-founded.
Bitdeer shares are exchanging hands at $7.15, 2% up since the trading day began. The price has seen the Bitcoin mining firm realize a remarkable 26% rally since the onset of May.
Tether Holdings Limited revealed in the Thursday SEC filing that it owns 23,587,360 Bitdeer (BTDR) shares. The substantial stake in Bitdeer Technologies Group holdings arises from a private placement concluded the previous week with the Nasdaq-listed mining firm.
The placement deal enabled the miner to raise $100M in financing. It allows Tether to exercise a warrant to acquire an additional 5M BTDR shares at a fixed price of $10 per unit in 2025.
Bitdeer Technologies Group anticipates utilizing the proceeds to expand data centers and develop ASIC-based mining rigs. It plans to allocate the rest to general corporate purposes.
Bitdeer chief business executive Linghui Kong indicated that with Tether Holdings’ support, the mining firm will accelerate growth and scale its leadership in offering efficient and sustainable mining. The executive hailed the partnership as a facilitative platform for the miner to realize greater things in Bitcoin mining.
Tether Investment in Bitdeer and XREX Group
A reflection on Bitdeer Technologies Group reveals a long path to its listing on the Nasdaq, where it trades under the BTDR sticker. The firm went public in 2023 via a special purpose acquisition company (SPAC) following the Blue Safari Group merger to end the three-year delay.
Besides the private placement for Bitdeer (BTDR) shares, Tether revealed on Wednesday last week that it invested $19M in XREX Group. The Taiwanese Government National Development Fund backs the firm.
XREX revealed in a subsequent statement the plan to fund the development of a USDT-based platform for cross-border business-to-business (B2B) payments. XREX plans to unveil XAU1, an in-house (US $) dollar-pegged stablecoin.
Also, the start-up firm in Singapore – XREX Singapore, recently received the Major Payment Institution License (MPIL) from the Monetary Authority of Singapore (MAS). The license enables the firm to run payment processor operations in the country.
