Tether Stretches Influence in Crypto Mining with 25% Stake in Bitdeer
CryptoNewsTerminal Staff06 Jun, 2024
Tether Stretches Influence in Crypto Mining with 25% Stake in Bitdeer
Tether, the issuer of the widely used stablecoin USDT, has significantly expanded its presence in the cryptocurrency mining sector by acquiring a substantial stake in Bitdeer, a leading cloud mining platform. According to documents filed with the U.S. Securities and Exchange Commission (SEC), Tether now owns 25% of Bitdeer, amounting to 23,587,360 shares. This stake was acquired as part of a $150 million convertible loan agreement between the two companies. As part of this deal, Tether purchased 18,587,360 shares of Bitdeer for $100 million. This investment aligns with Tether's broader strategy of diversifying its portfolio and gaining exposure to different sectors within the cryptocurrency industry. By acquiring a stake in Bitdeer, Tether gains access to a substantial mining infrastructure and a strategic partnership with a well-established player in the mining space. This move underscores Tether's growing influence within the cryptocurrency ecosystem and its commitment to supporting the long-term growth of the industry.
