SCHEDULE: Tether Entities Adjust Bitdeer Holdings

Tether Global Investments Fund and its subsidiaries report an updated beneficial ownership stake in Bitdeer Technologies Group following a share transfer.

Summary

• Tether Global Investments Fund, S.I.C.A.F., S.A., along with its subsidiaries Tether Investments, S.A. de C.V., and Tether International, S.A. de C.V., and Giancarlo Devasini (collectively, the Reporting Persons) have filed an amendment to their Schedule 13D regarding their holdings in Bitdeer Technologies Group.
• The amendment reflects a transfer of 13,955,523 Class A ordinary shares from Tether Investments to Tether International, effective June 12, 2026.
• This transfer did not alter the aggregate number of Class A Shares beneficially owned by the Reporting Persons.
• The Reporting Persons collectively beneficially own 37,729,510 Class A Shares of Bitdeer Technologies Group, representing 19.7% of the outstanding shares as of December 31, 2025.
• This percentage is based on 191,152,162 Class A Shares outstanding, as reported in Bitdeer's Form 20-F filed on April 30, 2026.
• Giancarlo Devasini, who holds a greater than 50% voting interest in Tether Global Investments Fund, disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily an administrative update on share transfers between related entities without altering overall beneficial ownership or indicating new strategic moves.

Positives

• The aggregate beneficial ownership of Bitdeer Technologies Group shares by the Tether entities remains unchanged, indicating no significant shift in their overall investment position.
• The filing is an amendment to an existing Schedule 13D, suggesting ongoing compliance and transparency regarding significant shareholdings.

Negatives

• The filing details a transfer of shares between related entities, which, while not changing aggregate ownership, could be perceived as internal restructuring without external strategic implications.
• Past regulatory actions against Tether entities by the CFTC and NYAG are noted in Schedule A, which could be a point of concern for some investors, although these are historical matters.

Risks

• Historical regulatory actions by the CFTC and NYAG against Tether entities, related to the backing of USDT and business practices, are disclosed.
• The disclaimer of beneficial ownership by Giancarlo Devasini, except to the extent of his pecuniary interest, could introduce complexity in understanding ultimate control and beneficial ownership.

Future Outlook

The filing primarily reports on a past transaction (share transfer) and current beneficial ownership. No specific forward-looking statements or guidance from Bitdeer Technologies Group are included in this amendment.

Management Comments

• Mr. Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest.

Industry Context

StockSavvy.ai notes that this Schedule 13D amendment from Tether entities regarding Bitdeer Technologies Group reflects ongoing shifts and adjustments in major shareholder positions within the cryptocurrency mining and infrastructure sector. Such filings are crucial for understanding the concentration of ownership and potential influence of key players.

Legal Proceedings

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) instituted and settled regulatory proceedings against Tether Holdings Limited (predecessor of Tether Global Investments Fund, S.I.C.A.F., S.A.), Tether Limited, Tether Operations Limited, and Tether International Limited, resulting in a civil monetary penalty of $41 million.
• In February 2021, the Office of the Attorney General of the State of New York (NYAG) entered into an agreement with Tether and several Bitfinex companies to settle a 2019 proceeding, involving a payment of $18.5 million in penalties to the State of New York and discontinuing trading activity with New York persons or entities.

Related Party Transactions

• Effective June 12, 2026, Tether Investments transferred 13,955,523 Class A Shares to Tether International, S.A. de C.V. This transfer occurred between wholly owned subsidiaries of Tether Global Investments Fund, S.I.C.A.F., S.A.

Stakeholder Impact

• Shareholders of Bitdeer Technologies Group: The filing confirms the continued significant ownership stake of Tether entities, which may influence investor perception regarding control and strategic direction.
• Creditors and Counterparties of Tether entities: The disclosure of past regulatory actions by CFTC and NYAG may be relevant for counterparties assessing the risk profile of Tether-affiliated entities.

Next Steps

• Continued monitoring of Bitdeer Technologies Group's filings for any further changes in beneficial ownership or strategic announcements.
• Review of Bitdeer's financial reports for performance metrics and outlook.

Key Dates

Keywords

Schedule 13D, Bitdeer Technologies Group, Tether Global Investments Fund, Tether Investments, Tether International, Beneficial Ownership, Class A Shares, Share Transfer, SEC Filing, Regulatory Action