Tether Reloads on Bitdeer in $42M Buys After Selling Near 2025 Peak

Tether-affiliated entities have made a fresh round of Bitdeer share purchases worth $42 million, lifting their ownership back above 20% after trimming the position during last year’s run-up.

According to SEC filings submitted on Friday, Tether’s investment subsidiaries reported beneficial ownership of 38.3 million Bitdeer Class A shares, equal to 20.1% of the class based on Bitdeer’s outstanding shares as of Dec. 31.

Tether had been moving in the opposite direction late last year. Starting in September 2025, it began reducing its Bitdeer holdings as the stock climbed, selling about 7.7 million shares at a weighted average price of $21.60 between Sept. 12 and Oct. 20 for roughly $166 million in proceeds.

By late October, the sales had brought Tether’s stake down to about 30 million shares, or roughly 18.1% of Bitdeer’s outstanding equity.

After Bitdeer’s share price later slid with a broader market downturn, Tether reversed course. While the firm began rebuilding its Bitdeer position in November, it only added about 1.8 million shares during that first phase.

The bulk of the repurchases came months later: starting Feb. 17, Tether bought roughly 5 million shares over three trading days, including about 3.7 million shares on Feb. 19 alone, when Bitdeer’s stock was trading near the lowest levels in the period.

The latest purchases came as Bitdeer’s shares fell sharply after the company announced a refinancing package that included a registered direct equity offering and an upsized $325 million convertible senior notes deal, which Bitdeer said it planned to use in part to repurchase or refinance existing debt and to fund expansion tied to data center and high-performance computing efforts.

Bitdeer’s stock price closed at $7.78 on Friday, down 12% from Tether’s weighted average cost of around $8.85 for the recent market purchases.