Why did Tether buy more Bitdeer shares recently?

Tether acquired additional Bitdeer shares between November 17-21, signaling continued interest despite the company's recent financial challenges and production delays.

What financial issues is Bitdeer facing?

Bitdeer reported a $266.7 million net loss for the quarter and is experiencing significant delays in its SEAL04 miner production.

How is the Bitcoin mining market performing?

The broader Bitcoin mining market is under pressure due to declining economics, lower Bitcoin prices, and high network difficulty, impacting profitability.

Home / Business and Economy / Tether Buys More Bitdeer Stock Amidst Mining Woes

Tether Buys More Bitdeer Stock Amidst Mining Woes

28 Nov

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Summary

Tether acquired 1.89 million additional Bitdeer shares recently.
Bitdeer reported a $266.7 million net loss for the quarter.
Production delays plague Bitdeer's new SEAL04 miner.

Tether Buys More Bitdeer Stock Amidst Mining Woes

Tether has recently bolstered its stake in Bitcoin miner and AI factory Bitdeer, purchasing 1.89 million shares through open-market transactions from November 17 to November 21. This acquisition occurs as Bitdeer experiences a stock downturn following its third-quarter earnings call, which revealed a net loss of $266.7 million.

The company is also contending with significant production delays for its latest SEAL04 miner, attributed to technical complexities and design modifications. These setbacks follow earlier announcements of indefinite delays on the chip's production schedule, impacting Bitdeer's strategic timeline.

Despite these challenges, Tether's investment signals a continued interest in the company. The wider Bitcoin mining sector is grappling with reduced profitability, evidenced by a substantial decrease in market capitalization and all-time low hashprice figures, driven by falling Bitcoin prices and persistent network difficulty.