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