Stablecoin issuer Tether has trimmed its holdings in Bitcoin miner and AI data center firm Bitdeer (Nasdaq: BTDR) by some 7.7 million shares for $166 million in gross earnings since the April peak holding, recent filings show.
The reduction follows a series of open market sales completed between September and October 2025. Filings show Tether sold millions of Bitdeer shares in multiple tranches at prices ranging from roughly $16 to $27 per share.
As of Nov. 10, 2025, Tether held 30,356,531 Class A shares of the Singapore-based bitcoin mining and infrastructure company, or about 18% of Bitdeer’s common shares. That is down from 38,066,689 shares as of April 23, 2025.
Sales began on Sept. 12, when Tether sold 351,061 shares at an average price of $16.07. Additional transactions took place on consecutive trading days through late September, including 616,088 shares on Sept. 22 at $17.26 and 64,490 shares on Sept. 23 at $18.28.
In October, Tether executed its largest disposals, selling more than 3.2 million shares on Oct. 15 across several transactions priced between $25.49 and $27.16. The company sold a further 212,200 shares on Oct. 16 at $26.16 and 214,027 shares on Oct. 20 at $26.27.
Earlier in 2025, Tether had expanded its holdings in Bitdeer by some 8 million shares through a series of open market purchases. Between February and April, it bought shares at prices between $7.61 and $10.00, including 519,170 shares on Feb. 26 at $10.00, 783,741 shares on Mar. 10 at $9.95, and 800,000 shares on Apr. 4 at $7.90.
Why did Tether sell? It’s unclear, but we do know that Bitdeer struggled in markets following its Q3 2025 earnings report, which missed on key figures such as income. The company also announced its new SEAL04 chips were “significantly delayed” due to technical difficulties in production.
BTDR dropped 20% Monday, and a further 9% Tuesday morning.
