SCHEDULE: Tether Entities and Giancarlo Devasini Amend Schedule 13D Filing for Bitdeer Technologies Group

Tether Holdings, Tether International, Tether Investments, and Giancarlo Devasini have amended their Schedule 13D filing, reporting a combined beneficial ownership of 20.1% of Bitdeer Technologies Group's Class A shares.

Summary

• This document is an amendment to a Schedule 13D filing regarding Bitdeer Technologies Group's Class A ordinary shares.
• The filing is being made by Tether Holdings Limited, Tether International Limited, Tether Investments Limited, and Giancarlo Devasini.
• The reporting persons collectively beneficially own 30,066,689 Class A shares, representing 20.1% of the outstanding shares.
• Tether Holdings Limited and Giancarlo Devasini each have shared voting and dispositive power over 30,066,689 shares.
• Tether International Limited has shared voting and dispositive power over 23,773,987 shares.
• Tether Investments Limited has shared voting and dispositive power over 6,292,702 shares.
• The total outstanding Class A shares are calculated as 149,286,361, which includes 144,099,734 shares outstanding as of January 2, 2025, and 5,186,627 shares issuable upon exercise of warrants held by Tether International Limited.
• The reporting persons have not engaged in any transactions involving the Class A shares in the past 60 days.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing, indicating no significant positive or negative sentiment. It reflects a change in ownership structure, which is a neutral event.

Industry Context

This filing relates to the ownership structure of Bitdeer Technologies Group, a company in the cryptocurrency mining sector. The involvement of Tether entities, known for their stablecoin USDT, highlights the intersection of digital assets and traditional equity markets.

Comparison to Industry Standards

• Schedule 13D filings are standard practice for investors acquiring more than 5% of a company's voting shares in the US market.
• The level of detail provided in this filing is consistent with regulatory requirements.
• The ownership percentages are significant and indicate a substantial stake in Bitdeer Technologies Group.
• Other companies in the cryptocurrency mining space may have similar filings from major investors, but the specific ownership structure and entities involved are unique to Bitdeer.

Legal Proceedings

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) settled regulatory proceedings against Tether and related entities, with Tether paying a $41 million civil penalty without admitting or denying the CFTC's findings.
• In February 2021, the Office of the Attorney General of the State of New York (NYAG) settled a proceeding with Tether and Bitfinex, with Tether and Bitfinex paying $18.5 million in penalties and agreeing to discontinue trading with New York persons or entities.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the ownership structure of Bitdeer Technologies Group.
• The significant ownership stake of Tether entities may influence investor perception of the company.

Key Dates

Keywords

Schedule 13D, Bitdeer Technologies Group, Tether Holdings Limited, Tether International Limited, Tether Investments Limited, Giancarlo Devasini, Class A Shares, Beneficial Ownership, Voting Power, Dispositive Power