Stablecoin issuer Tether has acquired additional shares in Bitcoin miner-turned-AI factory Bitdeer (Nasdaq: BTDR) , with the company scooping up 1.89 million shares in open-market purchases between November 17 and November 21, according to a filing Wednesday.
Bitdeer’s stock has dipped heavily since the company’s Q3 Earning call, which saw a few announcements seen as potentially bearish for the company in the near term. Of note was a fire at the company’s Ohio facility and the company’s net loss for the quarter of $266.7 million.
The company also announced indefinite “delays” on its SEAL04 miner, the newest miner from Bitdeer. Bitdeer said there will be “significant delays” in the SEAL04 chip production schedule. Chief Strategy Officer Haris Basit attributed the delay to technical complexity and design changes. He said Bitdeer completed the first tape-out of the SEAL04 chip in September.
The miner told investors on November 10 that the SEAL miner timeline remains under review. Basit said engineering teams are working through design adjustments needed before mass production can begin.
According to another filing on November 10, Tether trimmed its Bitdeer stake by about 7.7 million shares for $166 million since its April peak holding. It sold shares in multiple tranches from approximately $16 to $27 per share.
The company has been expanding its infrastructure footprint while facing industry-wide pressure from declining mining economics. The broader bitcoin mining public market has lost $32 billion in market capitalization since the October peak.Bitcoin’s hashprice has fallen to a new all-time low below $35 per petahash per second, driven by lower bitcoin prices and sustained high network difficulty.
