LATEST: Major Stablecoin Issuer Tether Holdings Dives into Bitcoin Mining with $500 Million Investment

Tether Holdings Ltd., led by its incoming Chief Executive Paolo Ardoino, is venturing into Bitcoin mining with a substantial investment of approximately $500 million over the next six months. The company plans to build its mining facilities and invest in mining companies, including extending $610 million in credit to Bitcoin mining firm Northern Data AG. Under Ardoino’s guidance, Tether aims to secure a 1% share of Bitcoin’s total computing power, marking a significant shift from its primary stablecoin business. This strategic move could have a transformative impact on the crypto industry.

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