Bitdeer, the cryptocurrency mining company founded by Jihan Wu, is raising funds from Tether, the operator of the largest stablecoin in the world. Tether has entered into a subscription agreement with Bitdeer to purchase up to $150 million worth of its shares in a private placement. The private placement includes 18,587,360 Class A ordinary shares and a warrant to purchase up to 5,000,000 additional shares. The initial transaction generated $100 million in gross proceeds, with the potential to raise an additional $50 million if the warrant is exercised. Bitdeer plans to use the funds for data center expansion, development of an ASIC-based mining rig, and other purposes. Bitdeer is known for its vertically integrated business model, which gives it full control over the production, distribution, and sales of its products. Tether’s CEO, Paolo Ardoino, praised Bitdeer’s technologies and research and development efforts, stating that the company is one of the strongest operators in the Bitcoin mining industry. Bitdeer went public on Nasdaq in April 2023 through a SPAC merger with Blue Safari Group Acquisition. Jihan Wu assumed the role of CEO at Bitdeer in March.
Jihan Wu's crypto mining firm Bitdeer receives a $150M investment from Tether.