Bitcoin mining and AI cloud solutions firm Bitdeer Technologies Group entered into an agreement with Tether for the private sale of up to $150 million of its shares on Thursday.

The deal saw the Nasdaq-listed firm raise $100 million in gross proceeds for the private placement of 18,587,360 Class A ordinary shares, according to a statement. 

It also included a warrant for Tether to buy up to 5 million more shares at the price of $10 per share. The warrant, if fully utilized, would see the company raise another $50 million. It’s subject to customary anti-dilution provisions and can be carried out at Tether’s discretion within 12 months.

Bitdeer intends to use the raised capital to fund the expansion of its data center, the development of ASIC-based mining, and to use it for general corporate working purposes.

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Bitdeer’s Chief Business Officer Linghui Kong said that the investment from Tether “demonstrates confidence in our vision and the strength of our extensive global operations.”

“We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward,” added Tether CEO Paolo Ardoino.

This comes two months after Bitdeer announced the successful test of its home-designed bitcoin mining chip, the SEAL01, which the company claims will offer “enhanced mining performance with minimized power consumption, leading to lower operating costs and a reduced environmental footprint for miners.”