Oh dear, Bitdeer Technology Group is having a week worth of getting one’s knickers in a twist. After proudly announcing a $266 million net loss (because overspending is the new normal, right?), they now have the delightful news that Tether, their cornerstone investor, has decided to part ways with a major chunk of their stake.
- Bitdeer stock plummeted like a lead balloon on Tuesday-coincidentally, just after Tether trimmed their stake by a whopping 7.7 million shares.
- The sell-off magically coincided with Bitdeer’s Q3 net loss of $266.7 million-a staggering 422% leap from last year. Because who needs consistency, right?
- Tether, not wanting to overstay its welcome, reduced its holdings from 38 million to a mere 30.36 million shares. Let’s call that a respectable 18%.
A recent filing revealed that Tether has been unloading approximately 7.7 million shares since September, raking in a cool $166 million, which means it went from roughly having a 23% stake to a polite 18%. Honestly, more like keeping it classy while still being mildly disappointed.
This sell-off might as well have been performed with an orchestra, given how it added pressure on Bitdeer stock like someone slapping you in the face mid-streaming session. The drama began back in mid-September when Tether decided it was time for some open-market sales.
Tether’s gradual exit dance
Filings with the U.S. Securities and Exchange Commission (must be my new breakfast reading now) indicate that Tether sold 351,061 shares on September 12 at a measly average price of $16.07. But the fun didn’t stop there-more disposals occurred on September 22 and 23 with prices nudged up to $17.26 and $18.28 per share. Because better get those numbers higher before anyone notices!
Oh, but wait. It was high time for some high drama in mid-October when Tether really switched gears. On October 15, the company divvied up over 3.2 million shares in hot pursuit of higher prices, sitting pretty at $25.49 and $27.16 per share. Talk about timing!
This is particularly ironic when you consider Tether’s sassy buying spree back in February to April, scooping up about 8 million shares at bargain basement prices between $7.61 and $10. Now, they’re sitting in corporate diva status with 30.36 million Class A shares or an 18% stake-down from the majestic 38.07 million shares in April.
You probably don’t really need to know Tether’s motive behind this trimming-yet the timing was as impeccable as a chic scarf with a sundress. It all hinged on Bitdeer splashy Q3 earnings report, which revealed a net loss of $266.7 million. Cue the record scratch, can someone say, oh-oh?
By Tuesday’s close, Bitdeer stock price did its tap dance and landed at $15.02 per share-a drop of 14.9%. Embarrassing, darling? Yes. Certainly predictable? Absolutely. But who else would keep us thoroughly entertained?
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2025-11-12 03:19