Whitney
06/17 08:24
Tether pockets $12.7M after trimming Bitdeer holdings, retains 19.7% stake
Summary
Tether sold 627,000 Bitdeer shares for about $12.7 million while retaining a 19.7% stake in the Bitcoin miner and AI infrastructure company.
Shares were sold at roughly $20 each, well above the average price Tether reportedly paid during its accumulation earlier this year.
Bitdeer stock showed limited reaction to the disclosure, with Tether remaining one of the company’s largest shareholders after the transaction.
According to TheEnergyMag, the USDT issuer sold the shares on June 3 and 4 at roughly $20 per share. Following the transaction, Tether still owns 37.7 million Class A shares in Bitdeer, keeping its position as one of the company’s largest shareholders.
Tether first invested in Bitdeer in May 2024, when it agreed to provide up to $150 million through a private placement. The deal made the stablecoin issuer one of the company’s earliest major strategic backers and deepened its exposure to Bitcoin mining infrastructure.
Based on the purchase prices disclosed earlier this year, the latest transaction allowed Tether to sell a portion of shares acquired during a period when Bitdeer stock traded substantially lower. TheEnergyMag reported that Tether accumulated shares in February at an average price of about $8.85 before reducing part of the position near the $20 level.
Tether remains a major Bitdeer shareholder
Even after the latest sale, Tether’s ownership remains above the level reported last year following a separate round of disposals.
Regulatory filings from late 2025 showed that Tether sold roughly 7.7 million Bitdeer shares between September and October, generating about $166 million and lowering its ownership from around 23% to 18%. The transactions followed a period of aggressive buying earlier in 2025, when the stablecoin issuer accumulated millions of shares at prices ranging from about $7.61 to $10.
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Unlike the 2025 sales, which coincided with Bitdeer’s weak third-quarter earnings report and a reported net loss of $266.7 million, the current reduction comes as the company continues expanding beyond Bitcoin mining.
Recent corporate developments have highlighted that transition. In May, Bitdeer appointed former Corsair Gaming finance chief Michael Potter as chief financial officer. Company disclosures linked the appointment to ongoing investments in AI cloud services, data center infrastructure, and capital-intensive growth projects.
Operational updates released by Bitdeer around the same period showed the company mined 783 BTC in April and reported AI cloud annual recurring revenue of approximately $69 million. Management has also been evaluating parts of its infrastructure footprint across the U.S., Norway, Bhutan, and Ethiopia for AI and colocation opportunities.
Market reaction remains limited
Trading activity suggests investors have so far taken the disclosure in stride.
Bitdeer shares closed at $18.25 on June 16, down 0.38% for the session, while pre-market trading showed the stock recovering to around $18.49. The modest movement came despite news of the sale becoming public and followed a period in which Bitdeer shares had traded near levels well above Tether’s reported acquisition costs.
Bitdeer share price. Source: Google Finance.
Paolo Ardoino, Tether’s chief executive officer, described Bitdeer as one of the strongest vertically integrated operators in the Bitcoin mining sector and said the companies expected to work together across infrastructure initiatives. Against that backdrop, the latest transaction leaves Tether with a substantial equity position even after taking profits on a small portion of its holdings.
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