Stablecoin issuer Tether has entered into an agreement to acquire up to $150 million worth of shares from prominent Bitcoin mining firm Bitdeer via a private placement deal, according to a May 31 statement.
Under the agreement, Tether has acquired 18,587,360 Class A ordinary shares from the BTC miner for $100 million. It could purchase up to 5,000,000 additional shares at $10.00 per share, translating to an extra $50 million. Cantor Fitzgerald & Co. acted as the private placement agent.
Following the news, Bitdeer shares jumped over 8% at pre-market trading to $6.35 as of press time, according to Google Finance data.
Bitdeer to fund expansion
The Singapore-based company intends to use the net proceeds from this investment to fund its data center expansion, ASIC-based mining rig development, working capital, and other general corporate purposes.
Bitdeer’s chief business officer, Linghui Kong, said:
“With Tether’s support, we are poised to accelerate our growth and continue our
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