Tether has been rapidly making new venture capital bets. And now they’re getting behind a publicly traded Bitcoin mining company.
What’s happening:
- Tether has announced they have purchased $100M USD of shares in Bitcoin mining company Bitdeer (NASDAQ: BTDR)
By the numbers:
- Bitdeer raised $100M USD through a private placement financing, which was financed entirely by Tether and includes the option for Tether to purchase another $50M USD of Bitdeer shares through warrants
Why it matters:
- Tether is one of the most important companies in crypto and is the parent company behind the largest stablecoin in the world by market capitalization USDT
- Tether has been making a flurry of new investments recently, including one of the largest ever purchases of Nvidia (NASDAQ: NVDA) GPUs and a large bet on neurotech device company Blackrock
Going deeper:
- Bitdeer plans to use the new infusion of capital to expand their data centre capacity to power both their Bitcoin mining operations as well as their artificial intelligence cloud computing arm
The intrigue:
- Bitdeer also previously announced they are developing a new type of Bitcoin mining chip that is energy efficient and purpose built for Bitcoin mining post halving
