Tether Doubles Down on Bitdeer with $32M Stock Purchase Amid Bitcoin Mining Slump

In April, stablecoin issuer Tether has made a bold move in the Bitcoin mining sector, acquiring an additional $32 million in shares of Bitdeer Technologies Group (NASDAQ: BTDR), a Singapore-based Bitcoin miner, despite a challenging market environment for mining companies. The purchase reinforces Tether's growing influence in the mining industry, building on its earlier investments in Bitdeer, which now see the USDT issuer holding a 24.2% stake in the company.

The purchase follows Tether's significant prior investments. In the first quarter of this year, Tether completed a series of stock purchases in Bitdeer. According to regulatory filings, since February 14 of this year, Tether has bought a total of 6 million shares of BTDR stock at an average price of $8.68. Among these, an investment of 4 million shares occurred in April, totaling $32 million at an average price of $8.05. Report from TheMinerMag indicates that Tether currently holds a 24.2% stake in Bitdeer.

Tether's latest acquisition of Bitdeer shares, valued at $32 million, comes at a time when Bitcoin mining stocks are under pressure. Bitdeer's stock closed at $7.62 per share on April 17, 2025, down nearly 65.41% year-to-date, reflecting an industry-wide downturn driven by Bitcoin's lackluster price performance and soaring mining difficulty.

As Bitcoin prices stagnate and mining difficulty reaches record highs, Bitcoin miners are struggling to make ends meet. According to a recent report by CryptoQuant, on April 7, 2025, miners transferred 15,000 BTC—valued at roughly $1.12 billion at low price as $75,161 on April 7—to exchanges, marking the third-highest daily outflow of 2025. Transaction fees, a key revenue stream, have also declined, with CryptoQuant noting that miners' average operating margins have contracted from 53% in January 2025 to 33% recently.

However, Tether appears to be confident in the long-term development of Bitcoin mining. In addition to significantly increasing its holdings in Bitdeer, Tether recently announced a partnership with the decentralized Bitcoin mining pool Ocean to deploy its current and future Bitcoin hash rate across facilities in Uruguay, Paraguay, El Salvador, and other emerging markets. The crypto industry is at a crossroads, with miners seeking capital to survive post-halving economics. Tether’s deep pockets and strategic investments could reshape the mining landscape, potentially making it a dominant player.