Bitdeer Technologies Group, a prominent player in Bitcoin mining and AI cloud solutions, has inked a significant agreement with Tether for the private sale of up to $150 million of its shares. The deal, announced on Thursday, marks a substantial milestone for the Nasdaq-listed firm, signaling confidence and support from one of the leading names in the cryptocurrency space.

In this arrangement, Bitdeer raised $100 million in gross proceeds through the private placement of 18,587,360 Class A ordinary shares. Additionally, the agreement includes a warrant for Tether to acquire up to 5 million more shares at a price of $10 per share. This provision, if fully exercised, would enable Bitdeer to raise an additional $50 million, subject to customary anti-dilution provisions and executable at Tether’s discretion within the next 12 months.

The capital raised from this investment will be strategically deployed by Bitdeer to fuel the expansion of its data center infrastructure, further develop ASIC-based mining technologies, and support general corporate operational needs. Linghui Kong, Chief Business Officer at Bitdeer, expressed confidence in the company's vision and operational capabilities, highlighting the significance of Tether's investment as a testament to Bitdeer's robust global operations.

Paolo Ardoino, CEO of Tether, emphasized the collaborative opportunities that lie ahead as a result of this investment. Ardoino stated that Tether anticipates close collaboration with Bitdeer across various critical infrastructure areas, indicating a promising partnership between the two entities.

This investment agreement comes on the heels of Bitdeer's recent milestone achievement – the successful testing of its proprietary bitcoin mining chip, the SEAL01. This chip, designed in-house by Bitdeer, promises enhanced mining performance coupled with minimized power consumption, thereby reducing operating costs and environmental impact for miners. The successful development of SEAL01 underscores Bitdeer's commitment to innovation and its position as a leader in the rapidly evolving landscape of Bitcoin mining technology.