Bitdeer Raises $50M From Tether as Bitcoin Production Jumps 18%
Bitdeer (NASDAQ: BTDR) has raised $50 million from Tether after the stablecoin issuer exercised its warrants to acquire more equity in the Bitcoin mining and infrastructure company.
Bitdeer said in its May 2025 production update on Wednesday that the transaction marks a follow-on to Tether’s $100 million private placement investment in Bitdeer in May 2024. In the latest deal, Bitdeer issued 5.19 million ordinary shares to Tether in exchange for the fresh capital.
The capital infusion comes as Bitdeer continues to ramp up both its mining hardware manufacturing and self-mining operations. The company produced 196 BTC in May, an 18.1% increase from the prior month, fueled by the deployment of new SEALMINER rigs. Bitdeer’s realized hashrate rose 14% to 13.6 EH/s by month-end.
The firm energized 3.9 EH/s of SEALMINER A1 machines and deployed an additional 1.1 EH/s of SEALMINER A2s to its facilities in Texas and Norway. Another 2.6 EH/s worth of rigs were in transit to Texas and Bhutan at month-end, with further shipments underway.
In total, Bitdeer has now manufactured 9 EH/s of SEALMINER A2 rigs, with 2.9 EH/s sold to external customers, including 1.6 EH/s shipped in May. The company expects to begin pre-orders for its next-generation SEALMINER A3 series later this month.
Bitdeer’s scaling of mining capacity has been underpinned by substantial capital investment over the past year. The company raised fresh equity in 2024 through Tether’s private placement and issued convertible bonds worth over $500 million to fund the expansion of its SEALMINER manufacturing and build out its self-mining infrastructure. Earlier this year, it secured new loans and tapped public equity markets for additional capital.
That financing comes with a cost: Bitdeer incurred over $10 million in interest expenses in the first quarter of 2025 alone, highlighting the company’s growing debt service obligations. Tether’s latest $50 million equity injection provides additional runway as Bitdeer targets more than 40 EH/s of self-mining capacity by October 2025.
