Following the investment, Tether expects close collaboration with Bitdeer across several key infrastructure areas, CEO Paolo Ardoino said.

Bitdeer, a leading cryptocurrency mining firm founded by Jihan Wu, is raising new capital through a private placement with Tether, the operator of the largest stablecoin, USDT. Tether has agreed to purchase up to $150 million worth of Bitdeer's shares. The private placement involves 18,587,360 Class A ordinary shares and a warrant for 5,000,000 additional shares at $10 per share. On May 30, the transaction generated $100 million in gross proceeds, with the potential for an additional $50 million if the warrant is fully exercised.

The funds will be used to expand Bitdeer's data centers, develop ASIC-based mining rigs, and other initiatives. Established in 2018 and spun off from Bitmain, Bitdeer specializes in proprietary and host mining, offering comprehensive infrastructure and facilities for mining clients. It operates a vertically integrated business model, controlling the entire production process from raw materials to sales.

Bitdeer's chief business officer, Linghui Kong, expressed enthusiasm about the partnership with Tether, highlighting its potential to accelerate growth and maintain leadership in sustainable Bitcoin mining. Tether's CEO, Paolo Ardoino, praised Bitdeer's technological capabilities and management team, aligning with Tether’s strategic vision.

Bitdeer, headquartered in Singapore, went public on Nasdaq in April 2023 through a SPAC merger with Blue Safari Group Acquisition. Jihan Wu assumed the role of CEO in March 2024, following his departure from Bitmain, which he co-founded.