The reduction came after Tether Investments sold 373,904 Bitdeer shares on June 3 at a weighted average price of $20.3668 and another 253,117 shares on June 4 at a weighted average price of $20.0137, according to the filing. The combined 627,021 shares sold generated about $12.7 million in proceeds.

The sales mark another turn in Tether’s trading around Bitdeer, one of the largest publicly traded bitcoin mining and AI infrastructure companies. As The Energy Mag reported in February, Tether had rebuilt its Bitdeer position earlier this year after the stock fell sharply following Bitdeer’s refinancing package, including a registered direct equity offering and an upsized convertible notes deal.

At the time, Tether’s February purchases effectively amounted to a buy-the-dip move. Bitdeer’s shares closed at $7.78 on Feb. 20, below Tether’s then-recent weighted average purchase cost of about $8.85. The June sales, by contrast, were executed at around $20 per share, suggesting Tether has begun taking some exposure off the table after the rebound.

Tether remains a major Bitdeer shareholder. The latest filing shows Tether Global Investments Fund and Giancarlo Devasini, a senior Tether executive, each reporting shared voting and dispositive power over 37.7 million Bitdeer shares.