Leading stablecoin issuer Tether has increased its Bitcoin mining exposure by increasing its investment in public mining firm Bitdeer.
In a Monday, March 17 filing with the Securities and Exchange Commission, Bitdeer disclosed that through its subsidiary Tether Investment, Tether acquired 1.8 million of its class A shares worth $18.2 million from February 26 to March 13.
With the move, Tether, through Tether International and Tether Investments, now claims nearly 32 million Bitdeer shares. This represents 21.4% of the firm’s outstanding shares. This includes 26.7 million shares purchased for over $138.7 million and warrants for nearly 5.2 million shares.
Tether first invested in Bitdeer in May 2024, paying $100 million through Tether International for roughly 18.6 million shares in a deal that offered it an option to purchase an additional 5 million shares at $10 per share.
Tether’s Bitdeer investments are part of its efforts to extend its influence beyond stablecoins, leveraging its significant profits. Among the firm’s new areas of focus is mining, with an interest in “sustainable Bitcoin mining operations.”
Bitdeer has made a push toward sustainability by partnering with Bhutan’s sovereign wealth investment firm to build carbon-free mining operations that leverage the country’s abundant water resources.
Most recently, however, Bitdeer’s primary focus has been on building proprietary Bitcoin mining chips for higher performance and efficiency. This focus has come at a significant short-term cost to the firm’s profitability. It reported a net loss of $532 million in Q4 2024.
Nonetheless, Bitdeer’s share price is up 1.26% at the time of writing on Tuesday, March 18, trading at $10.48 premarket.
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