SCHEDULE: Tether Entities Adjust Bitdeer Shareholding

Tether Global Investments Fund and its subsidiaries report a share transfer of Bitdeer Technologies Group Class A ordinary shares, maintaining aggregate beneficial ownership.

Summary

• This filing is an amendment to a Schedule 13D concerning Bitdeer Technologies Group's Class A ordinary shares.
• The amendment is filed by Tether Global Investments Fund, S.I.C.A.F., S.A., Tether Investments, S.A. de C.V., Tether International, S.A. de C.V., and Giancarlo Devasini.
• The primary purpose of this amendment is to correct an understatement regarding a transfer of shares.
• On June 12, 2026, Tether Investments transferred 37,729,510 Class A Shares to Tether International, S.A. de C.V.
• This transfer did not change 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, representing 19.7% of the outstanding shares as of December 31, 2025.
• Giancarlo Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A. and disclaims beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as having a neutral to slightly negative sentiment due to the correction of an 'inadvertent understatement' and the historical context of regulatory issues faced by Tether entities, despite the lack of change in aggregate ownership.

Positives

• The aggregate beneficial ownership of Bitdeer Technologies Group shares by the reporting persons remains unchanged, indicating no significant shift in their overall stake.
• The reporting persons collectively hold a substantial 19.7% stake in Bitdeer Technologies Group, signifying significant influence or investment.

Negatives

• The need for an amendment to correct an 'inadvertent understatement' suggests a minor administrative oversight in previous filings.
• Past regulatory actions against Tether entities, including a $41 million penalty from the CFTC and an $18.5 million settlement with the NYAG, are noted in the filing's background, though not directly related to this specific transaction.

Risks

• The filing references past regulatory proceedings against Tether entities concerning the backing of USDT, which could potentially impact investor confidence or lead to future scrutiny.
• 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 does not contain specific forward-looking statements or guidance regarding future performance or strategy of Bitdeer Technologies Group. It primarily focuses on reporting a change in the internal allocation of shares among related entities.

Management Comments

• Giancarlo 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.
• The filing is being filed solely to correct an inadvertent understatement of the number of Class A Shares that Tether Investments transferred to Tether International, S.A. de C.V.

Industry Context

StockSavvy.ai notes that this filing pertains to a significant ownership stake in Bitdeer Technologies Group, a company involved in cryptocurrency mining and related services. The reporting persons are entities associated with Tether, a major stablecoin issuer. Changes in beneficial ownership or reporting adjustments by large holders like these can be closely watched by the market, especially given the evolving regulatory landscape for both cryptocurrency and blockchain-related companies.

Legal Proceedings

• In October 2021, Tether paid a $41 million civil monetary penalty to the CFTC to settle allegations regarding whether USDT was fully backed by U.S. Dollars.
• In February 2021, Tether and Bitfinex companies settled a 2019 proceeding with the Office of the Attorney General of the State of New York by paying $18.5 million in penalties and agreeing to discontinue trading activity with New York persons/entities and submit to mandatory reporting.

Related Party Transactions

• Tether Investments, S.A. de C.V. transferred 37,729,510 Class A Shares to Tether International, S.A. de C.V. on June 12, 2026. Both entities are part of the reporting group, and Tether International is a wholly owned subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A.

Stakeholder Impact

• Shareholders of Bitdeer Technologies Group: The filing clarifies ownership structure among significant holders but does not alter the overall beneficial ownership percentage, suggesting minimal immediate impact on share price based solely on this amendment.
• Creditors of Tether entities: The historical regulatory actions and settlements may have implications for Tether's financial stability and operational capacity, which could indirectly affect its stakeholders.
• Regulatory bodies: The filing is a compliance document, ensuring transparency in ownership stakes as mandated by securities laws.

Next Steps

• The reporting persons will continue to file amendments to Schedule 13D as required by SEC regulations.
• Further transactions in the Class A Shares of Bitdeer Technologies Group will be reported in subsequent filings.

Key Dates

Keywords

Schedule 13D, Bitdeer Technologies Group, Tether Global Investments Fund, Tether Investments, Tether International, Class A ordinary shares, Beneficial ownership, Share transfer, SEC filing, Regulatory proceedings