Tether reduces its holdings in Bitdeer at a high point, cashing out approximately 12.7 million USD

According to TheEnergyMag, Tether sold 627,000 shares of Bitdeer (NASDAQ: BTDR) at a price of about $20 per share from June 3 to 4, cashing out approximately $12.7 million.

Previously, Tether had made a large purchase of Bitdeer shares at an average price of about $8.85 per share during a period of low stock prices in February this year. This reduction in holdings is seen as a profit-taking move at a high point. After the reduction, Tether still holds 37.7 million shares of Bitdeer Class A stock, accounting for 19.7% of the outstanding shares, and remains its major shareholder.