Tether Invests $150 Million in Bitdeer, a Leading Bitcoin Mining Company
Tether Invests $150 Million in Bitdeer, a Leading Bitcoin Mining Company
In a significant move, Tether, the issuer of the popular stablecoin USDT, has announced a $150 million investment in Bitdeer, a Nasdaq-listed Bitcoin mining company. This strategic investment will accelerate the expansion of Bitdeer's data centers and the development of its ASIC-based mining rigs.
According to a statement on the X platform, Tether is thrilled to announce the private financing of up to $150 million in Bitdeer. The investment will enable Bitdeer to scale its operations and further develop its cutting-edge technologies.
Paolo Ardoino, CEO of Tether, expressed enthusiasm about the partnership, stating, "We are excited to collaborate with Bitdeer, one of the strongest players in the Bitcoin mining industry. We believe Bitdeer's innovative technologies and robust research and development capabilities make it an ideal partner for Tether."
The investment will be used to expand Bitdeer's data centers and acquire new ASICs (Application-Specific Integrated Circuits), which are designed specifically for Bitcoin mining. The news sent Bitdeer's stock soaring in pre-market trading, with a 11.68% increase.
Tether's financial health is also noteworthy, with the company holding US government bonds worth over $91 billion – more than the GDP of Germany. This significant investment in Bitdeer underscores Tether's commitment to the cryptocurrency ecosystem and its confidence in Bitdeer's growth potential.
The partnership between Tether and Bitdeer marks a significant milestone in the development of the cryptocurrency industry, highlighting the growing importance of stablecoins and their role in supporting the growth of the broader crypto market.
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