Tether’s Expansion into Bitcoin Mining
Tether, the company behind the USDT stablecoin, has significantly ramped up its investment in bitcoin mining firm Bitdeer. This move marks a continuation of Tether’s commitment to expand its holdings in the cryptocurrency sector, a strategy it initiated nearly a year ago.
Details of the Investment
According to a recent filing with the Securities and Exchange Commission (SEC), Tether has increased its ownership in Bitdeer to 21%. The acquisition was financed using Tether’s working capital, showcasing the firm’s robust financial position.
Tether’s initial investment was made last May, when it invested $100 million to acquire 18.59 million Class A shares in the Singapore-based company. Additionally, Tether secured an option to purchase 5 million more shares at a price of $10 each.
Building a Diverse Investment Portfolio
Tether’s strategic investments are not limited to Bitdeer. The company is actively building a diverse portfolio, fueled by impressive profits that reached $13 billion last year. Tether has also made headlines with its stake in Italy’s prestigious Juventus FC and its bid for a majority stake in Adecoagro, a prominent producer of agricultural commodities in Latin America.
Market Response
As of the latest reports, Bitdeer’s stock has remained stable in pre-market trading on Nasdaq, with shares priced at $10.56. This stability reflects the company’s ongoing relevance in the dynamic landscape of cryptocurrency investments.
In conclusion, Tether’s increased stake in Bitdeer illustrates its aggressive approach to expanding its influence in the cryptocurrency mining sector, while simultaneously diversifying its investment portfolio across various industries.
