Bitdeer Technology Group’s rough week just got worse. After the Bitcoin mining firm reported a staggering $266.7 million net loss for the third quarter—a 422% jump from the same period last year—its cornerstone investor, Tether, has begun scaling back its position.
Tether Cuts Stake by 7.7 Million Shares
According to filings with the U.S. Securities and Exchange Commission (SEC), Tether has sold about 7.7 million Bitdeer shares since mid-September, generating roughly $166 million. The disposals reduced its stake from approximately 23% to 18%, or 38 million shares down to 30.36 million.
The sales were executed through a series of open-market transactions over the past two months, amplifying volatility that was already rising after Bitdeer’s disappointing earnings report.
A Timeline of the Sell-Off
Tether’s reduction began quietly in September, with the company selling:
- 351,061 shares on September 12 at an average price of $16.07,
- followed by further disposals on September 22 and 23 at $17.26 and $18.28 per share.
By mid-October, the liquidation accelerated. On October 15, Tether offloaded over 3.2 million shares across several tranches, seizing prices between $25.49 and $27.16—its most profitable disposals to date.
From Cornerstone Investor to Seller
The move marks a sharp reversal from Tether’s earlier buying spree. Between February and April 2025, the USDT issuer purchased nearly 8 million Bitdeer shares at prices between $7.61 and $10, establishing itself as a cornerstone investor in the mining firm.
As of November 10, Tether’s remaining 30.36 million Class A shares represent an 18% ownership stake in Bitdeer, down from a peak of 38.07 million shares earlier this year.
Market Fallout
The news triggered further pressure on Bitdeer’s stock, which fell 14.9% on Tuesday, closing at $15.02 on Nasdaq. The steep decline extended a two-day slide following the company’s Q3 report.
Bitdeer’s $266.7 million loss compared with a far smaller deficit in the previous year, underscoring the strain of high energy costs and volatile Bitcoin prices on its operations.
Motives Remain Unclear
Tether has not publicly explained the rationale behind its sales. Analysts suggest the stablecoin issuer may be rebalancing its exposure to the Bitcoin mining sector amid changing market conditions.
Still, the timing—just days after Bitdeer’s heavy quarterly loss—has raised eyebrows across the crypto investment community, highlighting the delicate balance between strategic investment and financial caution in a volatile industry.
