Tether, the issuer of the widely used USDT stablecoin, has increased its stake in the public bitcoin mining company Bitdeer to 21%, as disclosed in a recent SEC filing. Interestingly, the recent move comes as the mining firm announced the launch of its latest self-developed Bitcoin mining machines, the SEALMINER A2 Pro series.
Tether Expands Investment
Tether first entered Bitdeer in May 2024 with a $100 million investment, acquiring 18.59 million Class A shares and an option to purchase an additional 5 million at $10 each. The latest increase brings its total holding to 31,891,689 shares, equivalent to 21.4% of Bitdeer’s outstanding equity.
After posting a record profit of $13 billion last year, Tether has actively diversified its investments. Apart from its interest in BTC mining, the stablecoin giant has ventured into other sectors by acquiring stakes in brands such as Juventus FC and exploring a majority stake in American agricultural producer Adecoagro.
Meanwhile, Bitdeer manages nearly every step of its mining process internally. Instead of buying ASIC chips and energy from separate suppliers, it produces them, reducing costs. With Tether’s increased backing, Bitdeer could bolster its expansion plans, cementing its position as a competitive player in the Bitcoin mining sector.
Bitcoin Mining Gains Attention
Bitcoin mining is gaining attention as crypto-regulatory moves and market innovations grow. U.S. authorities have recently released seized crypto mining equipment confiscated during investigations concerning illegal operations.
Adding to the momentum, Bitcoin miner Bitfarms recently acquired Stronghold Digital Mining Company to boost its expansion and operational capacity amid an increasingly competitive market.
Asset manager Grayscale recently launched its new Bitcoin Miners ETF (MNRS), offering investors entry into the Bitcoin mining sector. The exchange-traded funds enable exposure to a diversified portfolio of mining companies without the rigors of managing individual stocks. The product launch indicates that Bitcoin mining draws attention from traditional finance.
Meanwhile, as Bitcoin mining gains attention, Cathedra Bitcoin has moved away from active mining operations. Instead of focusing on mining, the company channeled its resources into developing data centers to deliver stable and predictable cash flows. The funds will be used to acquire bitcoin.
