Bitdeer Sells All BTC, Treasury Balance Falls to Zero

Highlights:

• Bitdeer sold 1,132.9 BTC in one week, treasury balance now zero.
• Eight-week selloff erased nearly 2,000 BTC held since last December.
• The company also announces $300M convertible notes to fund expansion and operations.

Bitdeer Technologies Group has sold all of its corporate Bitcoin, leaving its treasury with zero BTC. Company filings show it sold every coin mined during the week and also used its reserves for cash as part of a wider capital plan. In the week ending February 20, Bitdeer mined 189.8 Bitcoin and sold the full amount. It also sold 943.1 BTC from reserves. Total Bitcoin sales reached 1,132.9 BTC. As a result, its pure holdings, which do not include customer deposits, now stand at zero. This sale ends eight weeks of steady reductions.

Treasury Falls to Zero After Eight-Week Selloff

At the end of last December, the company held about 2,000 BTC. By mid February, that balance had dropped to nothing. Earlier updates showed a different picture. On February 13, Bitdeer still held 943.1 BTC in reserves and had sold only part of that week’s mined coins.

Bitdeer Technologies Group has taken a step that is unusual in the mining industry. Most Bitcoin miners sell part of their newly mined coins to pay for electricity, hosting, and maintenance. At the same time, many keep a large treasury to benefit if prices rise. Reaching 0 BTC shows a sharper change in asset management.

In the weeks before this, Bitdeer steadily reduced its Bitcoin holdings. The company’s balance dropped below 1,000 BTC as it sold coins to cover operating costs. Many mining firms face the same pressure when mining difficulty rises and expenses increase.

Capital Raise and Strategy Shift Under Market Pressure

Bitdeer Technologies Group has also increased its self-managed Bitcoin hashrate. It recently moved ahead of MARA Holdings, becoming one of the largest publicly listed Bitcoin miners by computing power. In recent quarters, the company has placed a stronger focus on building its infrastructure and expanding capacity.

Bitdeer Technologies Group not only sold all of its Bitcoin but also announced a large capital raise. The company plans to issue $300 million in convertible senior notes due in 2032, with an option to expand the deal by another $45 million. It said the funds will support expansion and general corporate needs. These notes allow investors to convert the debt into company shares, cash, or a mix later on. After the announcement, Bitdeer’s stock fell as investors considered the risk of dilution and the impact of its new strategy.

Mining Sector Faces Growing Financial Strain

Bitcoin mining difficulty has just increased by around 15%. Meanwhile, the hash price has fallen below $30 per petahash per day, indicating that miners are earning less for their computational power. With reduced revenue and high costs, it is no surprise that most mining companies are being compelled to cut costs, sell their Bitcoin reserves, or seek alternative sources of revenue.