Tether has increased its stake in bitcoin miner Bitdeer to a record high of 21% after financing the acquisition with its working capital. The move comes as part of Tether’s efforts to diversify its portfolio.
Tether, the issuer of the USDT stablecoin, has increased its stake in bitcoin miner Bitdeer to 21%. The acquisition was financed with Tether’s working capital, following an initial investment of $100 million in May 2024.
The company is diversifying its portfolio after reporting a banking record profit. This move comes as part of its efforts to expand its holdings, which include acquiring stakes in Juventus FC and bidding for a majority stake in Adecoagro.
Tether first acquired a position in the Singapore-based company last May with a $100 million investment for 18.59 million Class A shares and an option to buy 5 million more at ‘$10 each’. The company now owns 21% of Bitdeer, according to a Securities and Exchange Commission filing.
Bitdeer‘s stock is unchanged on Nasdaq pre-market trading, changing hands at $10.56.
BitDeer is a cloud-based mining platform that allows users to mine cryptocurrencies without the need for expensive hardware.
Founded in 2018, BitDeer offers a range of mining plans and provides users with access to high-performance computing resources.
The platform supports popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Users can choose from various mining plans, including fixed-term contracts and flexible pricing options.
- coindesk.com | Tether Raises Bitdeer Stake to 21%: SEC Filing
