Tether-affiliated entities reported beneficial ownership of 37.7 million Bitdeer Class A shares as of June 12, equal to 19.7% of the company’s outstanding Class A shares, according to a Schedule 13D amendment filed Tuesday.
The reduction came after 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 627,021 shares sold generated about $12.7 million in proceeds.
At the time, Tether’s February purchases effectively amounted to a buy-the-dip move. Bitdeer’s shares closed at $7.78 on Feb. 20, below Tether’s then-recent weighted average purchase cost of about $8.85. The June sales, by contrast, were executed at around $20 per share, suggesting Tether has begun taking some exposure off the table after the rebound.
Tether remains a major Bitdeer shareholder. 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.
