Tether entities report 20.1% Bitdeer (BTDR) Class A stake in 13D/A

Rhea-AI Filing Summary

Bitdeer Technologies Group received an updated ownership report showing that entities affiliated with Tether hold a significant minority position in its Class A ordinary shares. Tether Global Investments Fund, S.I.C.A.F., S.A., its wholly owned subsidiary Tether Investments, S.A. de C.V., and Giancarlo Devasini together report beneficial ownership of 38,356,531 Class A shares, representing 20.1% of Bitdeer’s outstanding Class A shares as of December 31, 2025.

The filing states that all reporting persons have shared voting and dispositive power over these 38,356,531 shares, which are held at the Tether Investments, S.A. de C.V. level. The amendment notes that Mr. Devasini holds more than 50% of the voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A., while disclaiming beneficial ownership beyond his pecuniary interest. This document is labeled as Amendment No. 11 to a previously filed Schedule 13D, updating Bitdeer’s shareholder base disclosure.

Insights

Equity ownership analyst

Tether-affiliated entities report a 20.1% stake in Bitdeer’s Class A shares.

The amendment shows that Tether Global Investments Fund, S.I.C.A.F., S.A., its subsidiary Tether Investments, S.A. de C.V., and Giancarlo Devasini collectively beneficially own 38,356,531 Bitdeer Class A shares, equal to 20.1% of the class based on 191,152,162 shares outstanding on December 31, 2025. Voting and dispositive power over these shares is described as shared among the reporting persons.

This level of ownership represents a sizable minority position that can influence shareholder decisions, especially in close votes, though it does not constitute majority control. The filing also clarifies structure and attribution, noting that the shares are held by Tether Investments, S.A. de C.V. and that Mr. Devasini, who holds over 50% voting interest in the fund, disclaims beneficial ownership except to the extent of his pecuniary interest. Subsequent company disclosures may further detail any changes in this position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

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 Global Investments Fund
Final Av. La Revolucion, Edif. Centro, Corporativo Presidente Plaza, Nivel 12
San Salvador, H3, 00000
4420 4621 1793

Daniel Woodard
McDermott Will & Schulte LLP, One Vanderbilt Avenue
New York, NY, 10017
(212) 547-5400

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

02/17/2026

(Date of Event Which Requires Filing of This Statement)

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.

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

CUSIP No. G11448100

1

Name of reporting person

Tether Global Investments Fund, S.I.C.A.F., S.A.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

EL SALVADOR

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 38,356,531.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 38,356,531.00

11

Aggregate amount beneficially owned by each reporting person

38,356,531.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

20.1 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 38,356,531 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 Global Investments Fund, S.I.C.A.F., S.A. Note in relation to Item 13: This percentage is calculated based upon 191,152,162 Class A Shares outstanding on December 31, 2025, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on February 19, 2026.

SCHEDULE 13D

CUSIP No. G11448100

1

Name of reporting person

Tether Investments, S.A. de C.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

EL SALVADOR

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 38,356,531.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 38,356,531.00

11

Aggregate amount beneficially owned by each reporting person

38,356,531.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

20.1 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Item 13: This percentage is calculated based upon 191,152,162 Class A Shares outstanding on December 31, 2025, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on February 19, 2026.

SCHEDULE 13D

CUSIP No. G11448100

1

Name of reporting person

Giancarlo Devasini

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ITALY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 38,356,531.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 38,356,531.00

11

Aggregate amount beneficially owned by each reporting person

38,356,531.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

20.1 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 38,356,531 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 Global Investments Fund, S.I.C.A.F., S.A. Mr. Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A. 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 191,152,162 Class A Shares outstanding on December 31, 2025, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on February 19, 2026.

SCHEDULE 13D

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, SINGAPORE , 339509.
Item 1 Comment: 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, Amendment No. 9 filed on November 10, 2025 and Amendment No. 10 filed on November 25, 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 Global Investments Fund, S.I.C.A.F., S.A. (f/k/a Tether Holdings, S.A. de C.V. (and Tether Holdings Limited), 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.11 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 38,356,531 of the Issuer's Class A Shares, representing 20.1% of the outstanding Class A Shares. This percentage is calculated based upon 191,152,162 Class A Shares outstanding on December 31, 2025, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on February 19, 2026.
(b)	Each of the Reporting Persons has shared voting and dispositive power with respect to the beneficially owned 38,356,531 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.
(d)	None.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Schedule A - Executive Officers and Directors Schedule B - Open Market Purchases Exhibit 1 - Agreement of filing persons relating to filing of joint statement per Rule 13d-1(k).

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.

Tether Global Investments Fund, S.I.C.A.F., S.A.

Signature:	/s/ Omar Rossi
Name/Title:	Omar Rossi, Sole Administrator
Date:	02/20/2026

Tether Investments, S.A. de C.V.

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	02/20/2026

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	02/20/2026

FAQ

How many Bitdeer (BTDR) Class A shares do the Tether entities report owning?

The reporting Tether-affiliated entities state they beneficially own 38,356,531 Bitdeer Class A shares. These shares are held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A., with shared voting and dispositive power reported.

What percentage of Bitdeer (BTDR) Class A shares is owned by the reporting persons?

The reporting persons indicate they hold 20.1% of Bitdeer’s outstanding Class A shares. This percentage is based on 191,152,162 Class A shares outstanding as of December 31, 2025, as disclosed in Bitdeer’s prospectus supplement filed under Rule 424(b)(5).

Who are the reporting persons in this Bitdeer (BTDR) Schedule 13D/A Amendment No. 11?

The reporting persons are Tether Global Investments Fund, S.I.C.A.F., S.A., Tether Investments, S.A. de C.V., and Giancarlo Devasini. Tether Investments, S.A. de C.V. is a wholly owned subsidiary of Tether Global Investments Fund, and Mr. Devasini holds more than 50% voting interest in that fund.

What type of SEC filing is this for Bitdeer (BTDR)?

This document is a Schedule 13D/A Amendment No. 11. It amends an existing Schedule 13D concerning Bitdeer Technologies Group’s Class A ordinary shares, updating the reported beneficial ownership and confirming current holdings and control relationships among the reporting persons.

What voting and dispositive powers do the reporting persons have over Bitdeer (BTDR) shares?

Each reporting person reports shared voting and shared dispositive power over 38,356,531 Bitdeer Class A shares. They report zero sole voting power and zero sole dispositive power, indicating decisions regarding these shares are made collectively rather than individually.

How does Giancarlo Devasini’s interest relate to the Bitdeer (BTDR) stake?

The filing notes that Giancarlo Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A. He disclaims beneficial ownership of the Bitdeer shares except to the extent of his pecuniary interest, clarifying how his economic stake is viewed.