On May 31, 2024, Bitdeer Technologies Group, a leader in blockchain and high-performance computing, announced a major financial partnership with Tether International Limited. The agreement, signed on May 30, 2024, involves Bitdeer selling 18,587,360 Class A ordinary shares, plus an additional 5,000,000 shares at $10.00 each. This deal generated $100 million in gross proceeds, with a possibility of another $50 million if Tether fully exercises its rights to purchase more shares.

Private Placement Financing

The financing deal is structured to include anti-dilution provisions, protecting against share dilution due to dividends, splits, or similar actions. Tether is allowed to buy more shares within 12 months after the closing date, providing Bitdeer with significant financial flexibility while preserving the investment's value. These measures are designed to give Bitdeer the funds needed to expand its operations without compromising shareholder value.

Bitdeer plans to use the proceeds from this transaction to enhance its data center infrastructure, develop advanced ASIC-based mining machines, and strengthen its working capital for general corporate purposes. This influx of capital is expected to boost Bitdeer’s operational capabilities and support its growth in the competitive Bitcoin mining industry.

Benefits of Partnering with Tether

Linghui Kong, Bitdeer's Chief Operating Officer, expressed enthusiasm about the partnership with Tether, stating that Tether’s investment shows strong confidence in Bitdeer’s vision and operational strength. He believes this collaboration will speed up Bitdeer’s growth and reinforce its leadership in sustainable and efficient Bitcoin mining.

Tether’s CEO, Paolo Ardoino, also expressed optimism about the partnership, praising Bitdeer’s position as a vertically integrated operator with advanced technology and a solid R&D foundation. He noted that Bitdeer’s proven track record and strong management team align well with Tether’s long-term goals, anticipating close collaboration in critical infrastructure areas.

In conclusion, Bitdeer’s new financial agreement with Tether International marks a significant step forward. The partnership not only brings substantial financial support but also strengthens Bitdeer’s position in the Bitcoin mining industry, paving the way for future growth and innovation.