3 months ago

Tether Enhances Influence in the Mining Sector

Tether, well-known as the issuer of the major stablecoin USDT, is actively expanding its presence in the cryptocurrency mining market. A recent report filed with the U.S. Securities and Exchange Commission (SEC) reveals that Tether has increased its stake in Singapore-based Bitdeer. Currently, Tether owns 21.4% of the miner's shares, achieved through the acquisition of over 1.8 million shares within the last two months.

Details of the Acquisition

Overall, Tether Holdings has accumulated 31,891,689 shares of Bitdeer through its subsidiaries:

Tether International: This subsidiary holds 23,773,987 shares, accounting for approximately 15.9% of Bitdeer's total share volume.
Tether Investments: This unit owns 8,117,702 shares, equivalent to about 5.6% of the total shares.

These investments reinforce Tether's position within the critical infrastructure of the cryptocurrency ecosystem.

Company's Strategic Plan

A year and a half ago, Tether outlined an ambitious goal — to capture 1% of the global computing power in the Bitcoin network. Plans include constructing new mining centers in several Latin American countries.

New Mining Centers

Uruguay
Paraguay
El Salvador

These countries have been strategically chosen for development and profit maximization in mining, given their energy potential and approach toward the cryptocurrency industry.

Image of the head of the crypto giant Tether

Reasons for Increased Investment

Boosting its stake in Bitdeer not only strengthens economic ties but also positions Tether as a key player in the global blockchain infrastructure. Amidst fluctuations in traditional financial markets, interest in mining capacities continues to rise, presenting additional opportunities for diversification and risk mitigation.

Conclusion

Tether's decision to increase its stake in Bitdeer underscores the company's strategic intent to expand its activities within the cryptocurrency mining field. These moves encourage industry competition and highlight the importance of innovative approaches to digital asset management. Tether remains adaptive to the evolving market, ensuring resilience and competitiveness.

Tether Enhances Influence Mining Sector