Market analysis reports from financial institutions

US-Listed BitDeer Secures $150 Million Investment from Tether, Stock Rises 7%

May 31, 2024, 02:07 PM

BitDeer, a Bitcoin mining company led by Jihan Wu, has secured up to $150 million in private placement financing from Tether. Tether has already purchased $100 million worth of BitDeer shares and holds an option to acquire an additional $50 million worth of shares. This strategic investment will support BitDeer's data center expansion and the development of its ASIC-based mining rigs. The transaction generated $100 million in gross proceeds from the share issuance. BitDeer, which is US-listed, has seen its stock increase 7% on the news.