Key Takeaways:

• The investment increases Tether’s ownership of Bitdeer’s outstanding shares to more than 20%.
• The investment highlights the increasing convergence of stablecoin issuers and Bitcoin miners.
• Bitdeer is currently pursuing integrated operations from chip production to energy management.

Tether, the issuer behind the stablecoin USDT, has notably expanded its financial backing of Bitcoin mining firm Bitdeer Technologies Group (BTDR), showcasing an ongoing strategic pivot towards the realm of digital asset mining.

The Growth of Tether in the Bitcoin Mining Space

On October 2, an SEC filing revealed that Tether has become a significant shareholder in Bitdeer via subsidiaries Tether International, SA de CV, and Tether Investments, SA de CV. The combined interests of the company consist of 31,891,689 Class A ordinary shares, thus accounting for 21.4% of Bitdeer’s outstanding shares. With this, Tether has further cemented its role as a major investor in the firm.

Tether is perhaps best-known for its USDT stablecoin, but its business interests now span a more general stake in Bitcoin mining, energy infrastructure, and even artificial intelligence.

From Silicon to Sustainable Energy: Bitdeer

Bitdeer, the Bitcoin mining company founded by Jihan Wu, seeks to achieve vertical integration in the Bitcoin mining sector. The company also works on producing its own mining chips and managing its own power sources. The company is intent on being a self-contained powerhouse.

Bitdeer announced the test results of its SEALMINER A3 chip, reporting performance below 10 J/TH in laboratory conditions. Also in line with the company’s goal to bring together the operations from silicon to energy, this further exemplifies the company’s focus on enhancing mining efficiency and optimizing energy usage.

Sample Investment Data From Schedule B Filing

According to a U.S. SEC filing, Tether Investment recently acquired Class A shares, detailed as follows:

A growth-oriented partnership

This is not the first time Tether has invested in Bitdeer. Bitdeer announced that Tether purchased $100 million in shares through its private placement financing, with an option to buy another $50 million in shares later. Tether’s CEO Paolo Ardoino said he looked forward to working closely with Bitdeer on “critical infrastructure projects.” Tether has also entered El Salvador’s Volcano Energy mining project, indicating a strong desire to participate further in the Bitcoin mining sector.

Tether’s CEO Paolo Ardoino

Linghui Kong, Chief Business Officer at Bitdeer, commented that Tether’s support will significantly accelerate the company’s growth and leadership position in sustainable and efficient Bitcoin mining.

Analysts Perspective

This strategic shift will see cryptocurrency firms moving beyond their core focus on digital assets to explore opportunities that may arise from developments in associated technology and energy sectors of the economy to shore up their finances.

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