Tether Reduces Bitdeer Stake to 19.7% After Stock Rebounds to $20

Tether-affiliated entities reduced their stake in Bitdeer Technologies to 19.7% as of June 12, according to a Schedule 13D amendment filed Tuesday. The stablecoin issuer sold 627,021 Bitdeer Class A shares on June 3-4 at approximately $20 per share, generating about $12.7 million in proceeds. The sales occurred after Bitdeer's stock rebounded from February lows near $7.78, when Tether had purchased shares at a weighted average cost of about $8.85. Bitdeer is one of the largest publicly traded bitcoin mining and AI infrastructure companies.

Tether Sold 627,021 Shares in Early June

Tether Investments sold 373,904 Bitdeer shares on June 3 at a weighted average price of $20.3668 and another 253,117 shares on June 4 at a weighted average price of $20.0137, according to the filing. The combined transactions generated approximately $12.7 million in proceeds.

The updated position shows Tether-affiliated entities holding 37.7 million Bitdeer Class A shares as of June 12, equal to 19.7% of the company's outstanding Class A shares. This is down from the 38.3 million shares, or 20.1% stake, that Tether reported in February.

Tether Purchased Shares in February at Lower Prices

Tether rebuilt its Bitdeer position earlier this year after the stock fell sharply following Bitdeer's refinancing package, including a registered direct equity offering and an upsized convertible notes deal. Tether's February purchases occurred at a weighted average cost of about $8.85 per share.

Bitdeer's shares closed at $7.78 on Feb. 20, below Tether's then-recent weighted average purchase cost. The June sales at around $20 per share represent a significant gain compared to the February acquisition price.

Tether Retains 37.7 Million Bitdeer Shares

Tether remains a major Bitdeer shareholder despite the recent reduction. The latest filing shows Tether Global Investments Fund and Giancarlo Devasini, a senior Tether executive, each reporting shared voting and dispositive power over 37.7 million Bitdeer shares.

FAQ

What percentage of Bitdeer does Tether own as of June 12? Tether-affiliated entities own 19.7% of Bitdeer's outstanding Class A shares as of June 12, holding 37.7 million shares.

How much did Tether earn from selling Bitdeer shares in June? Tether sold 627,021 Bitdeer shares on June 3-4 at approximately $20 per share, generating about $12.7 million in proceeds.

At what price did Tether purchase Bitdeer shares in February? Tether purchased Bitdeer shares in February at a weighted average cost of about $8.85 per share, when the stock closed at $7.78 on Feb. 20.