The deal secures 4.875% in five-year debt with a 44% conversion premium.
Bitdeer boosts its BTC production while expanding its global infrastructure.
The USDT issuer first bought a stake in the bitcoin mining company in May 2024.
The Singapore-based miner has big plans to shake up ASICs with a new design and a greater commitment to transparency.
The company redirected mining rigs to self-mining as customer delayed payments during bitcoin's price drop..
Bitdeer currently holds 855 BTC, valued at approximately $69 million.
The bitcoin mining firm faced revenue declines but is betting on proprietary ASIC chips to drive future expansion.
The $21.7 million cash deal would give BitDeer the ability to mine BTC at some of the lowest costs in the industry.
The three companies offer varying degrees of exposure to the world's largest cryptocurrency, the report said.
Mining revenues hit 12-month lows in August, according to Bitbo.
Bitdeer Technologies Group’s stock price dropped to $6.33 after it announced a senior convertible notes offering.
The 30-year leasing agreement with the Monroe County Port Authority will provide Bitdeer with up to 570 MW of additional power capacity.
This chip will enhance Bitcoin mining performance, minimize power consumption, lower costs, and reduce the environmental footprint.
Following the investment, Tether expects close collaboration with Bitdeer across several key infrastructure areas, CEO Paolo Ardoino said.
Benchmark analyst Mark Palmer initiated coverage of Bitdeer on Thursday, issuing the miner with a “buy” rating and setting a price target of $13.