Bitdeer stock plunges as Tether cuts stake after $266M loss
Bitdeer stock plunged after Tether reduced its stake by 7.7 million shares, intensifying volatility following the mining firm’s weak Q3 results. The Bitcoin mining company reported a net loss of $266.7 million in the third quarter, a 422% year-on-year increase.
Tether’s holdings fell from 38.07 million to 30.36 million Class A shares, lowering its stake from 23% to 18%. Since mid-September, the stablecoin issuer executed a series of open-market sales—selling 351,000 shares in early September at about $16 per share and over 3.2 million shares in mid-October at prices above $25.
Bitdeer’s shares closed at $15.02 on the session after the earnings release, down 14.9%. The combined effect of heavy stake trimming and disappointing third-quarter earnings has amplified sell-off pressure and raised concerns over near-term share performance.
Bearish
Tether’s deliberate stake reduction in Bitdeer amid a record third-quarter net loss signals heightened selling pressure. The coordinated open-market sales eroded investor confidence and accelerated share volatility, pushing shares to multi-week lows. Historically, major shareholder exits—such as Marathon Digital’s institutional sell-offs after poor earnings—have led to sharp short-term downturns. In the absence of clear operational improvements or profitable quarter forecasts, traders are likely to remain cautious. Over the long term, Bitdeer’s recovery will depend on margin improvements and stable hash-rate economics, but near-term sentiment remains negative.