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Tether Raises Bitdeer Stake to 21%: SEC Filing
The USDT issuer first bought a stake in the bitcoin mining company in May 2024.
What to know:
- Tether, the issuer of the USDT stablecoin, 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 said in an SEC filing.
- Tether is diversifying its portfolio after banking record profit, including adding stakes in Juventus FC and a bid for a majority stake in Adecoagro.
Tether, the issuer of the USDT stablecoin, increased its holdings in bitcoin (BTC) miner Bitdeer (BTDR), building on a investment it started almost a year ago.
The company financed the acquisition with working capital and now owns 21% of the company, according to a Securities and Exchange Commission filing.
STORY CONTINUES BELOW
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.
Tether is building a portfolio of holdings with its record profits, which came in at $13 billion last year, acquiring a stake in Italty's Juventus FC and bidding for a majority stake in Latin American agricultural commodities producer Adecoagro.
Bitdeer's stock is unchanged on Nasdaq pre-market trading, changing hands at $10.56.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
