If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D




Comment for Type of Reporting Person:
Note in relation to Items 8, 10 and 11: Includes 30,356,531 Class A ordinary shares, par value $0.0000001 per share ("Class A Shares") of Bitdeer Technologies Group held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Holdings, S.A. de C.V. Note in relation to Item 13: This percentage is calculated based upon 167,316,601 Class A Shares outstanding on June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on September 29, 2025.


SCHEDULE 13D






SCHEDULE 13D




Comment for Type of Reporting Person:
Note in relation to Item 13: This percentage is calculated based upon 167,316,601 Class A Shares outstanding on June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on September 29, 2025.


SCHEDULE 13D




Comment for Type of Reporting Person:
Note in relation to Items 8, 10 and 11: Includes 30,356,531 Class A ordinary shares, par value $0.0000001 per share ("Class A Shares") of Bitdeer Technologies Group held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Holdings, S.A. de C.V. Mr. Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest. Note in relation to Item 13: This percentage is calculated based upon 167,316,601 Class A Shares outstanding on June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on September 29, 2025.


SCHEDULE 13D


 
Tether Holdings, S.A. de C.V.
 
Signature:/s/ Giancarlo Devasini
Name/Title:Giancarlo Devasini, President
Date:11/10/2025
 
Tether International, S.A. de C.V.
 
Signature:/s/ Giancarlo Devasini
Name/Title:Giancarlo Devasini, President
Date:11/10/2025
 
Tether Investments, S.A. de C.V.
 
Signature:/s/ Giancarlo Devasini
Name/Title:Giancarlo Devasini, Sole Administrator
Date:11/10/2025
 
Giancarlo Devasini
 
Signature:/s/ Giancarlo Devasini
Name/Title:Giancarlo Devasini, individually
Date:11/10/2025

 

Schedule A

 

Executive Officers and Directors

 

The following sets forth the name, country of citizenship, position and principal occupation of each executive officer and member of the board of directors of Tether Holdings, S.A. de C.V., and Tether Investments, S.A. de C.V. Except as indicated below, none of the persons listed below has been convicted of a crime (other than traffic violations or similar misdemeanors) or been subject to proceedings pertaining to violations of securities laws within the past 5 years.

 

Executive Officers and Directors of Tether Holdings, S.A. de C.V.:

 

Name and
Citizenship
Position and
Principal
Occupation
Beneficial Ownership Business Address
Giancarlo Devasini,
citizen of Italy
President 30,356,531(1) Final Av. La Revolucion,
Colonia San Benito, Edif. Centro,
Corporativo Presidente Plaza, Nivel 12, Oficina 2,
Distrito de San Salvador, Municipio de San Salvador Centro,
Republica de El Salvador
Ludovicus Jan Van der Velde,
citizen of the Netherlands
Alternate President 0 Final Av. La Revolucion, Colonia San Benito, Edif. Centro,
Corporativo Presidente Plaza, Nivel 12, Oficina 2,
Distrito de San Salvador, Municipio de San Salvador Centro,
Republica de El Salvador
Paolo Ardoino,
citizen of Italy
Secretary 0 Final Av. La Revolucion,
Colonia San Benito, Edif. Centro,
Corporativo Presidente Plaza, Nivel 12, Oficina 2,
Distrito de San Salvador, Municipio de San Salvador Centro,
Republica de El Salvador
Josue Lopez,
citizen of El Salvador
Alternate Secretary 0 Final Av. La Revolucion,
Colonia San Benito, Edif. Centro,
Corporativo Presidente Plaza, Nivel 12, Oficina 2,
Distrito de San Salvador, Municipio de San Salvador Centro,
Republica de El Salvador

 

 

 

 

Executive Officers and Directors of Tether Investments, S.A. de C.V.:

 

Name and Citizenship Position and Principal
Occupation
Beneficial Ownership Business Address
Giancarlo Devasini,
citizen of Italy
Sole Administrator 30,356,531(1) Final Av. La Revolucion,
Colonia San Benito, Edif. Centro,
Corporativo Presidente Plaza, Nivel 12, Oficina 2,
Distrito de San Salvador, Municipio de San Salvador Centro,
Republica de El Salvador
Paolo Ardoino,
citizen of Italy
Alternate Administrator 0 Final Av. La Revolucion,
Colonia San Benito, Edif. Centro,
Corporativo Presidente Plaza, Nivel 12, Oficina 2,
Distrito de San Salvador, Municipio de San Salvador Centro,
Republica de El Salvador

 

  (1) Includes the 30,356,531 Class A ordinary shares, par value $0.0000001 per share (“Class A Shares”) of Bitdeer Technologies Group held by Tether Investments S.A. de C.V., a wholly owned subsidiary of Tether Holdings S.A. de C.V.

 

In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) instituted and settled regulatory proceedings against Tether Holdings Limited, Tether Limited, Tether Operations Limited, and Tether International Limited (collectively, “Tether”) by way of an order accepting Tether’s payment of a civil monetary penalty of $41 million without admitting or denying any of the CFTC’s findings or conclusions. The order settled CFTC allegations that, from June 2016 to February 2019, Tether made untrue or misleading statements and omissions of material fact or omitted to state material facts necessary to make statements made not true or misleading in connection with, among other things, whether USDT was fully backed by U.S. Dollars held in bank accounts in Tether’s name.

 

In February 2021, the Office of the Attorney General of the State of New York (NYAG) entered into an agreement with Tether and several Bitfinex (a group of companies with which Tether is affiliated) companies, to settle a 2019 proceeding brought by NYAG seeking an injunction related to, among other things, the transfer of certain funds by and among Bitfinex and Tether. Without admitting or denying NYAG’s findings, Bitfinex and Tether agreed to settle the NYAG proceeding by paying $18.5 million in penalties to the State of New York. The agreement further required Bitfinex and Tether to discontinue any trading activity with New York persons or entities and to submit to mandatory reporting on certain business functions.

 

 

 

Schedule B

 

Transactions in Class A Shares

 

The following table lists all transactions completed by Tether Investments S.A. de C.V. in the Class A Shares since September 5, 2025, which were all completed through open market sales:

 

Date Shares Sold Price
September 12, 2025 351,061 16.0714
September 15, 2025 343,464 16.2481
September 16, 2025 305,475 16.2495
September 17, 2025 342,964 17.0154
September 18, 2025 20,794 17.0105
September 19, 2025 20,154 17.0030
September 22, 2025 616,088 17.2629
September 23, 2025 64,490 18.2800
October 1, 2025 627,995 18.1722
October 2, 2025 124,278 18.2648
October 2, 2025 1,802 19.0011
October 3, 2025 998,198 19.4754
October 3, 2025 183,237 19.1589
October 15, 2025 1,000,000 25.5611
October 15, 2025 191,608 26.4129
October 15, 2025 25,634 27.1624
October 15, 2025 1,076,689 25.4943
October 15, 2025 1,000,000 25.4923
October 16, 2025 212,200 26.1581
October 20, 2025 214,027 26.2700

 

 

 

EXHIBIT 1

 

Joint Filing Agreement

 

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, each of the persons named below agrees to the joint filing of this Amendment to Schedule 13D, including further amendments thereto, with respect to the Class A ordinary shares, par value $0.0000001 per share, of Bitdeer Technologies Group and further agrees that this Joint Filing Agreement be filed with the Securities and Exchange Commission as an exhibit to such filing; provided, however, that no person shall be responsible for the completeness or accuracy of the information concerning the other persons making the filing unless such person knows or has reason to believe such information is inaccurate (as provided in Rule 13d-1(k)(1)(ii)). This Joint Filing Agreement may be executed in one or more counterparts, all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the persons named below have executed this Joint Filing Agreement as of the date set forth below.

 

  November 10, 2025
   
  TETHER HOLDINGS, S.A. DE C.V.
   
  /s/ Giancarlo Devasini
  Name: Giancarlo Devasini
  Title: President
   
  TETHER International, S.A. DE C.V.
   
  /s/ Giancarlo Devasini
  Name: Giancarlo Devasini
  Title: President
   
  TETHER INVESTMENTS, S.A. DE C.V.
   
  /s/ Giancarlo Devasini
  Name: Giancarlo Devasini
  Title: Sole Administrator
   
  /s/ Giancarlo Devasini
  Giancarlo Devasini, individually