Tether Trims Bitdeer Stake After AI Rally

Tether Investments sold 627,021 Bitdeer Class A shares on June 3 and June 4, generating roughly $12.7 million in proceeds, according to an amended Schedule 13D filed June 12. The sales reduced its reported holding to 37.7 million Class A shares, equal to 19.7% of Bitdeer’s outstanding Class A stock.

The filing shows Tether sold 373,904 shares on June 3 at a weighted average price of $20.3668 and 253,117 shares on June 4 at a weighted average price of $20.0137. The combined sales produced about $12.7 million in proceeds and lowered Tether’s position from the 38.3 million shares (20.1%) it disclosed in February.

Tether rebuilt part of its Bitdeer holding in February after Bitdeer’s share price fell following the company’s refinancing package, which included a registered direct equity offering and an upsized convertible note transaction. On Feb. 20, Bitdeer shares closed at $7.78, below Tether’s then-weighted average purchase price of about $8.85. The June sales were executed at roughly $20 per share.

Bitdeer, traded on Nasdaq under the ticker BTDR, operates bitcoin-mining facilities and AI data centers. The Schedule 13D amendment reports that Tether Global Investments Fund and Giancarlo Devasini, a senior Tether executive, each have shared voting and dispositive power over the 37.7 million Class A shares.

The updated filing records the reduction in Tether’s reported stake from 20.1% in February to 19.7% as of June 12, following the June 3–4 sales.