Huge Investment from Tether to Chinese Bitcoin Miner!

Stablecoin issuer Tether invested in Bitdeer, a mining firm owned by famous Chinese billionaire Jihan Wu.

Tether has agreed to purchase a stake in Bitdeer (BTDR) for up to $150 million. According to the announcement made by Bitcoin mining company Bitdeer on Friday, May 31, $100 million was generated by signing a subscription agreement for the private placement of 18,587,360 Class A common shares.

While Tether received 100 million dollars worth of shares as a first move, it has the right to buy 50 million dollars more shares in the coming period.

Making a statement on the subject, Tether CEO Paolo Ardoino made complimentary words for Bitdeer and emphasized that they believe in the future of the company:

Tether is pleased to work with Bitdeer. We see Bitdeer as one of the strongest vertically integrated operators in the Bitcoin mining industry. Bitdeer's proven track record and world-class management team align perfectly with Tether's long-term strategic vision. Going forward, we hope to cooperate closely with Bitdeer in various key infrastructure areas.