The stablecoin Tether has committed to buying up to $150 million worth of Bitdeer (BTDR) shares, which mine bitcoin (BTC).According to an announcement on Friday, Bitdeer entered into a subscription agreement for the private placement of 18,587,360 Class A ordinary shares, resulting in proceeds of $100 million. A warrant to buy an extra 5 million shares at a price of $10 each is also included in the agreement; if fully exercised, this warrant would provide an additional $50 million.According to the Singapore-based company, Bitdeer plans to utilize the money raised to finance the development of ASIC-based mining rigs and the growth of its data centers.
Following the announcement, Bitdeer’s shares increased by more than 4% to $6.08 in pre-market trading. The company that created USDT, the biggest stablecoin in the world, Tether, recently divided into four groups to represent its broader interest in growing the cryptocurrency market. The aim of one of these four units is bitcoin mining investments.