Tether resumed buying Bitdeer after selling at the top earlier this month

Core Insights - Tether has acquired an additional 1.89 million shares in Bitdeer through open-market purchases between November 17 and November 21 [1] - Bitdeer's stock has significantly declined following its Q3 earnings call, which revealed a net loss of $266.7 million and a fire at its Ohio facility [2] - The company announced indefinite delays in the production schedule of its SEAL04 miner due to technical complexities and design changes [3] - Tether previously reduced its Bitdeer stake by approximately 7.7 million shares for $166 million since its peak holding in April [4] - The broader bitcoin mining market has lost $32 billion in market capitalization since October, with bitcoin's hashprice dropping to an all-time low below $35 per petahash per second [5] Company Developments - Tether's recent acquisition of shares indicates continued investment interest despite Bitdeer's challenges [1] - Bitdeer's operational setbacks, including a significant quarterly loss and production delays, raise concerns about its future performance [2][3] - The company is currently reviewing the SEAL miner timeline, with engineering teams addressing necessary design adjustments before mass production [4] - The overall decline in the bitcoin mining sector reflects broader economic pressures affecting profitability and operational viability [5] Market Context - The bitcoin mining public market has experienced a substantial decrease in market capitalization, highlighting the industry's struggles [5] - The decline in bitcoin's hashprice is attributed to lower bitcoin prices and high network difficulty, impacting mining economics [5]