Tether trims Bitdeer position, pockets $12.7M but stays a near-20% holder
Tether sold 627,000 Bitdeer shares on June 3–4 for roughly $20 apiece, bringing in about $12.7 million while keeping a 19.7% stake in the Bitcoin-mining and AI-infrastructure firm. After the transaction the stablecoin issuer still holds 37.7 million Class A shares, remaining one of Bitdeer’s largest shareholders.
A strategic investor since May 2024
Tether first became a major backer of Bitdeer in May 2024 when it committed up to $150 million via a private placement, marking the stablecoin issuer as an early strategic investor in Bitcoin mining infrastructure. The recent sales represent selective profit-taking rather than an exit.
Timing and returns
Public filings and prior reporting show Tether accumulated a large portion of its Bitdeer position in February at an average price near $8.85 per share, meaning the June disposals were executed at a substantial premium to those earlier buys. That follows an active 2025 trading pattern: regulatory filings from late 2025 indicated Tether sold about 7.7 million shares between September and October for roughly $166 million, which dropped its stake from about 23% to roughly 18% at the time. Earlier in 2025 the firm had been a heavy buyer, acquiring millions of shares at prices around $7.61–$10.
Different backdrop this time
The 2025 sell-off coincided with weak third-quarter results from Bitdeer, including a reported net loss of $266.7 million. By contrast, this latest trimming comes as Bitdeer broadens its focus beyond pure Bitcoin mining. Recent corporate moves include the appointment in May of former Corsair Gaming finance chief Michael Potter as CFO, tied to investments in AI cloud services, data-center infrastructure and capital-intensive growth projects.
Operational snapshot and strategy shift
Bitdeer reported mining 783 BTC in April and disclosed AI cloud annual recurring revenue around $69 million. Management has also been assessing parts of its infrastructure footprint in the U.S., Norway, Bhutan and Ethiopia for AI and colocation opportunities, underscoring a strategic pivot toward AI/cloud and hybrid infrastructure.
Market reaction and outlook
The market barely blinked: Bitdeer shares closed at $18.25 on June 16 (down 0.38% for the session) and were trading around $18.49 pre-market, levels well above Tether’s earlier purchase costs. Paolo Ardoino, Tether’s CEO, described Bitdeer as “one of the strongest vertically integrated operators in the Bitcoin mining sector” and said the companies expect to collaborate on infrastructure initiatives. The latest moves suggest Tether is locking in gains from earlier, low-cost purchases while maintaining a meaningful equity position to support future partnership and exposure to Bitdeer’s AI and infrastructure ambitions.
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