# EDGAR Filing Document

**Accession Number:** 0002025889
**File Stem:** 0001104659-25-116088
**Filing Date:** 2025-11
**Character Count:** 21041
**Document Hash:** b8d8857b8616670588f765d1f4e2ec23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-116088.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001104659-25-116088

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bitdeer Technologies Group
- **CENTRAL INDEX KEY:** 0001899123
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94078
- **FILM NUMBER:** 251523362

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 08 KALLANG AVENUE, APERIA TOWER 1, #09-0
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **BUSINESS PHONE:** 65-62828220

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 08 KALLANG AVENUE, APERIA TOWER 1, #09-0
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tether Holdings, S.A. de C.V.
- **CENTRAL INDEX KEY:** 0002025889

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** H3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** FINAL AV. LA REVOLUCION, EDIF. CENTRO
- **STREET 2:** CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
- **CITY:** SAN SALVADOR
- **STATE:** H3
- **ZIP:** 00000
- **BUSINESS PHONE:** 443333355842

**MAIL ADDRESS:**
- **STREET 1:** FINAL AV. LA REVOLUCION, EDIF. CENTRO
- **STREET 2:** CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
- **CITY:** SAN SALVADOR
- **STATE:** H3
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tether Holdings Ltd
- **DATE OF NAME CHANGE:** 20240604

## Ex-99.(A)

**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.

**<u>Executive Officers and Directors of Tether Holdings, S.A. de C.V.</u>**:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Name and<br> Citizenship</u>** | **<u>Position and<br> Principal<br> Occupation</u>** | **<u>Beneficial Ownership</u>** | **<u>Business Address</u>** |
| Giancarlo Devasini,<br> citizen of Italy | President | 32244062<sup>(1)</sup> | Final Av. La Revolucion, <br> Colonia San Benito, Edif. Centro, <br> Corporativo Presidente Plaza, Nivel 12, Oficina 2,<br> Distrito de San Salvador, Municipio de San Salvador Centro,<br> Republica de El Salvador |
| Ludovicus Jan Van der Velde, <br> citizen of the Netherlands | Alternate President | 0 | Final Av. La Revolucion, Colonia San Benito, Edif. Centro,<br> Corporativo Presidente Plaza, Nivel 12, Oficina 2,<br> Distrito de San Salvador, Municipio de San Salvador Centro,<br> Republica de El Salvador |
| Paolo Ardoino, <br> citizen of Italy | Secretary | 0 | Final Av. La Revolucion,<br> Colonia San Benito, Edif. Centro,<br> Corporativo Presidente Plaza, Nivel 12, Oficina 2,<br> Distrito de San Salvador, Municipio de San Salvador Centro,<br> Republica de El Salvador |
| Josue Lopez, <br> citizen of El Salvador | Alternate Secretary | 0 | Final Av. La Revolucion,<br> Colonia San Benito, Edif. Centro,<br> Corporativo Presidente Plaza, Nivel 12, Oficina 2,<br> Distrito de San Salvador, Municipio de San Salvador Centro,<br> Republica de El Salvador |

---

**<u>Executive Officers and Directors of Tether Investments, S.A. de C.V.</u>**:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Name and Citizenship</u>** | **<u>Position and Principal<br> Occupation</u>** | **<u>Beneficial Ownership</u>** | **<u>Business Address</u>** |
| Giancarlo Devasini,<br> citizen of Italy | Sole Administrator | 32244062<sup>(1)</sup> | Final Av. La Revolucion, <br> Colonia San Benito, Edif. Centro,<br> Corporativo Presidente Plaza, Nivel 12, Oficina 2,<br> Distrito de San Salvador, Municipio de San Salvador Centro,<br> Republica de El Salvador |
| Paolo Ardoino,<br> citizen of Italy | Alternate Administrator | 0 | Final Av. La Revolucion, <br> Colonia San Benito, Edif. Centro, <br> Corporativo Presidente Plaza, Nivel 12, Oficina 2,<br> Distrito de San Salvador, Municipio de San Salvador Centro,<br> Republica de El Salvador |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes the 32,244,062 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.

## Ex-99.(B)

**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 the Reporting Persons' most recent filing on November 10, 2025, which were all completed through open market purchases:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Shares Sold** | &nbsp;&nbsp;**Price** |
| &nbsp;&nbsp;November 17, 2025 | &nbsp;&nbsp;135 | &nbsp;&nbsp;10.1500 |
| &nbsp;&nbsp;November 18, 2025 | &nbsp;&nbsp;45879 | &nbsp;&nbsp;10.1500 |
| &nbsp;&nbsp;November 19, 2025 | &nbsp;&nbsp;348420 | &nbsp;&nbsp;9.9977 |
| &nbsp;&nbsp;November 19, 2025 | &nbsp;&nbsp;940197 | &nbsp;&nbsp;10.1175 |
| &nbsp;&nbsp;November 20, 2025 | &nbsp;&nbsp;13789 | &nbsp;&nbsp;10.1370 |
| &nbsp;&nbsp;November 21, 2025 | &nbsp;&nbsp;12500 | &nbsp;&nbsp;9.6994 |
| &nbsp;&nbsp;November 21, 2025 | &nbsp;&nbsp;141235 | &nbsp;&nbsp;9.7866 |
| &nbsp;&nbsp;November 21, 2025 | &nbsp;&nbsp;385376 | &nbsp;&nbsp;9.9294 |

---

## Exhibit 99.1

**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 25, 2025 | November 25, 2025 |
| **TETHER HOLDINGS, S.A. DE C.V.** | **TETHER HOLDINGS, S.A. DE C.V.** |
| /s/ Giancarlo Devasini | /s/ Giancarlo Devasini |
| Name: | Giancarlo Devasini |
| Title: | President |
| **TETHER INVESTMENTS, S.A. DE C.V.** | **TETHER INVESTMENTS, S.A. DE C.V.** |
| /s/ Giancarlo Devasini | /s/ Giancarlo Devasini |
| Name: | Giancarlo Devasini |
| Title: | Sole Administrator |
| /s/ Giancarlo Devasini | /s/ Giancarlo Devasini |
| **Giancarlo Devasini**, individually | **Giancarlo Devasini**, individually |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 10)**

**BITDEER TECHNOLOGIES GROUP**

*(Name of Issuer)*

**Class A ordinary shares, par value $0.0000001 per share**

*(Title of Class of Securities)*

**G11448100**

*(CUSIP Number)*

**Tether Holdings, S.A. de C.V.**<br>Final Av. La Revolucion, Edif. Centro<br>Corporativo Presidente Plaza, Nivel 12<br>San Salvador H3 00000<br>443333355842

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/21/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G11448100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tether Holdings, S.A. de C.V.** | Name of reporting person<br>**Tether Holdings, S.A. de C.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**H3** | Citizenship or place of organization<br>**H3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**32244062.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**32244062.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**32244062.00** | Aggregate amount beneficially owned by each reporting person<br>**32244062.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.2%** | Percent of class represented by amount in Row (11)<br>**18.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10 and 11: Includes 32,244,062 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 177,344,567 Class A Shares outstanding on September 30, 2025, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on November 14, 2025.

| **CUSIP No.** | **G11448100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tether Investments, S.A. de C.V.** | Name of reporting person<br>**Tether Investments, S.A. de C.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**H3** | Citizenship or place of organization<br>**H3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**32244062.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**32244062.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**32244062.00** | Aggregate amount beneficially owned by each reporting person<br>**32244062.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.2%** | Percent of class represented by amount in Row (11)<br>**18.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Note in relation to Item 13: This percentage is calculated based upon 177,344,567 Class A Shares outstanding on September 30, 2025, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on November 14, 2025.

| **CUSIP No.** | **G11448100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Giancarlo Devasini** | Name of reporting person<br>**Giancarlo Devasini** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**L6** | Citizenship or place of organization<br>**L6** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**32244062.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**32244062.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**32244062.00** | Aggregate amount beneficially owned by each reporting person<br>**32244062.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.2%** | Percent of class represented by amount in Row (11)<br>**18.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10 and 11: Includes 32,244,062 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 177,344,567 Class A Shares outstanding on September 30, 2025, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on November 14, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A ordinary shares, par value $0.0000001 per share

**(b) Name of Issuer:**
BITDEER TECHNOLOGIES GROUP

**(c) Address of Issuer's Principal Executive Offices:**
08 Kallang Avenue, Aperia Tower 1, #09-03/04, Singapore, U0, 339509

This statement on Schedule 13D amends the Schedule 13D of Tether Holdings Limited, a British Virgin Islands business company, Tether International Limited, a British Virgin Islands business company, Ludovicus Jan Van der Velde and Giancarlo Devasini that was originally filed with the Securities and Exchange Commission on June 6, 2024, as amended by Amendment No. 1 filed on August 8, 2024, Amendment No. 2 filed on September 3, 2024, Amendment No. 3 filed on November 7, 2024, Amendment No. 4 filed on January 22, 2025, Amendment No. 5 filed on March 17, 2025, Amendment No. 6 filed on April 8, 2025, Amendment No. 7 filed on April 15, 2025, Amendment No. 8 filed on April 23, 2025 and Amendment No. 9 filed on November 10, 2025 (as amended, the "Schedule 13D") with respect to the Class A ordinary shares, par value $0.0000001 per share ("Class A Shares") of Bitdeer Technologies Group, an exempted company incorporated in the Cayman Islands (the "Issuer"). This amendment to the Schedule 13D is being filed by Tether Holdings, S.A. de C.V. (f/k/a Tether Holdings Limited), an El Salvador entity, an El Salvador entity, Tether Investments, S.A. de C.V. (f/k/a Tether Investments Limited), an El Salvador entity ("Tether Investments"), and Giancarlo Devasini (collectively, the "Reporting Persons") and constitutes Amendment No.10 to the Schedule 13D. Capitalized terms used but not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The Reporting Persons beneficially own an aggregate of 32,244,062 of the Issuer's Class A Shares, representing 18.2% of the outstanding Class A Shares. This percentage is calculated based upon 177,344,567 Class A Shares outstanding on September 30, 2025, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on November 14, 2025.

**(b)**
Each of the Reporting Persons has shared voting and dispositive power with respect to the beneficially owned 32,244,062 of the Issuer's Class A Shares.

**(c)**
Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons during the past 60 days.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tether Holdings, S.A. de C.V.

**Signature:** /s/ Giancarlo Devasini

**Name/Title:** Giancarlo Devasini, President

**Date:** 11/25/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tether Investments, S.A. de C.V.

**Signature:** /s/ Giancarlo Devasini

**Name/Title:** Giancarlo Devasini, Sole Administrator

**Date:** 11/25/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Giancarlo Devasini

**Signature:** /s/ Giancarlo Devasini

**Name/Title:** Giancarlo Devasini, individually

**Date:** 11/25/2025