Bitdeer gains $150 million from Tether for ASIC-based mining rig development

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.
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 leadership in sustainable and efficient bitcoin mining. This partnership marks a significant milestone for Bitdeer, and we look forward to achieving great things together.”
Paolo Ardoino, CEO of Tether, added:
“Bitdeer’s proven track record and world-class management team are perfectly aligned with Tether’s long-term strategic vision. We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward.”
This latest venture marks Tether’s ongoing push into the crypto mining sector, following a significant capital investment in Swan’s Managed Bitcoin Mining service.
In Apil, Tether revealed it was splitting into four divisions—Tether Data, Tether Finance, Tether Power, and Tether Edu—to reflect its broader interest in developing the emerging industry. The company revealed that this move aimed to broaden its influence and diversify beyond its core stablecoin operations.
Meanwhile, these diversification efforts coincide with Tether’s record financial performance. During the first quarter, the company posted substantial profits, with its USDT market capitalization rising to a new high of $111 billion, accounting for 77% of the top 10 stablecoins trading volumes on centralized exchanges, according to CCData.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

Stay ahead with crypto’s key news and insights. Delivered directly, every day.
The theft ranks among the top 5 hacking incident that has affected a Japan-based crypto platform.
Reflecting on how debates from 2015 to 2017 shaped Bitcoin’s future and Ethereum’s governance approach.
The Bitcoin market remains indecisive as buying and selling volumes remain closely matched.
By leveraging Bitcoin’s vast supply and its role as a store of value, Babylon aims to reduce inflation pressure on PoS chains and enhance their financial utility.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.