Stablecoin issuer Tether has increased its stake in Bitcoin miner–turned–AI infrastructure company Bitdeer (Nasdaq: BTDR), purchasing 1.89 million shares in open-market transactions between November 17 and November 21, according to a filing released on Wednesday.
The move comes as Bitdeer’s stock continues to slide following its Q3 earnings call, where the company reported several developments viewed as negative for short-term performance. Bitdeer disclosed a fire at its Ohio facility and reported a quarterly net loss of $266.7 million. The company also announced “significant delays” in the production schedule for its new SEAL04 mining chip.
Chief Strategy Officer Haris Basit told investors that engineering teams are still working through design adjustments required before SEAL04 mass production can begin. Bitdeer completed the chip’s first tape-out in September, but the overall SEAL miner roadmap remains under review.
The latest purchases come after Tether trimmed its Bitdeer position earlier this month. A November 10 filing showed that Tether had sold approximately 7.7 million Bitdeer shares for $166 million since reaching its peak holdings in April. The company executed the sales across multiple price ranges between roughly $16 and $27 per share.
Bitdeer, meanwhile, continues to expand its infrastructure footprint at a time when the Bitcoin mining sector faces significant economic pressure. The broader publicly listed mining industry has lost about $32 billion in market capitalization since its October peak. Bitcoin’s hashprice — a key metric reflecting miner revenue — has dropped to a new all-time low below $35 per petahash per second amid falling BTC prices and persistently high network difficulty.
