Tether takes $12.7M profit on Bitdeer stake

Tether has secured approximately $12.7 million by selling a portion of its stake in Bitcoin cloud mining company Bitdeer (BTDR), The Energy Mag reported. According to a 13D amendment filed with the U.S. SEC on June 16, Tether affiliates held 37.7 million Class A shares of Bitdeer as of June 12, representing 19.7% of the outstanding Class A shares. This marks a reduction from the 38.3 million shares (20.1%) disclosed in a February filing. The move is seen as profit-taking after Tether initially bought the shares at a low point in February, when Bitdeer's stock price fell following a refinancing announcement. Tether's average purchase price at the time was around $8.85, and the recent sale occurred after the stock rebounded to approximately $20.