Tether Reduces Bitdeer Stake Amid Stock Recovery
- As of June 12, Tether-affiliated entities owned approximately 37.7 million Bitdeer Class A shares, representing a 19.7% stake.
- This ownership is a reduction from February’s holding of about 38.3 million shares or a 20.1% stake.
- Tether sold a total of 627,021 Bitdeer shares on June 3 and June 4, generating approximately $12.7 million in proceeds.
- The sales were executed at an average price of around $20 per share, significantly higher than the February purchase cost.
- Bitdeer is one of the largest publicly traded bitcoin mining and AI infrastructure companies.
Tether’s recent sale of Bitdeer shares marks a strategic reduction in its holdings after the stock’s recovery from earlier lows following refinancing efforts by Bitdeer. Despite this reduction, Tether remains a significant shareholder with considerable voting power over its remaining shares.
The decision to sell was likely influenced by the substantial increase in share value since February when Tether initially increased its stake as part of a buy-the-dip strategy during Bitdeer’s financial restructuring phase.
