10:46 AM EDT, 05/31/2024 (MT Newswires) -- Bitdeer Technologies Group ( BTDR ) said Friday that it entered into a subscription deal with Tether International for the private placement of nearly 18.6 million class A shares and a warrant to buy up to five million additional shares at $10 per share.

The firm said the placement generated $100 million in gross proceeds and could provide an additional $50 million if the warrant is fully exercised within 12 months after closing. The deal closed Thursday, with Cantor Fitzgerald as the placement agent.

The company said that net proceeds will go toward its data center expansion, application-specific integrated circuit-based mining rig development, and working capital and general corporate uses.

Shares of Bitdeer Technologies ( BTDR ) rose more than 8% in recent trading.

Price: 6.29, Change: +0.47, Percent Change: +8.08