Biggest Stablecoin Firm Tether Is Becoming a Major Bitcoin Miner

Tether Holdings Ltd. is taking steps to become one of the world’s top Bitcoin miners, as the $87 billion stablecoin operator makes a hefty investment in the already highly competitive sector.

The company plans to spend about half a billion dollars over the next six months, its incoming chief executive Paolo Ardoino said in an interview, both through constructing its own mining facilities and by taking stakes in other companies.

That investment includes part of a $610 million credit facility that Tether had extended to publicly-traded Bitcoin mining company Northern Data AG this month, after acquiring shares in the Frankfurt-based ...