Bitdeer Technologies has fully liquidated its bitcoin holdings, reporting zero BTC on its balance sheet as of February 20. A weekly production update posted on X confirmed the decision. This marks a clear break with industry practices, where most listed miners continue to accumulate or retain reserves. It also comes in a context of tightening margins and after a recent capital raising.
In brief
- Bitdeer mined 189.8 BTC and sold all of that production, wiping out its remaining reserves.
- The company's holdings went from 2,000 BTC at the end of the year to zero as of February 20.
- The network difficulty increased by 14.7%, while the hashprice fell below $30 per PH/s/day.
- Players like MARA, Riot, and Strategy continue to hold significant BTC reserves.
Bitdeer liquidates all of its bitcoin holdings
Nasdaq-listed Bitdeer (BTDR) said it mined 189.8 BTC during the week and sold all of that production. In addition, the company also liquidated the 943.1 BTC it still held in reserve. These figures do not include customer deposits.
Sales activity has accelerated in recent weeks. Bitdeer's holdings stood at almost 2,000 BTC at the end of the year, then around 1,530 BTC at the end of January. As of February 13, reserves had already dropped to 943.1 BTC.
Over the previous week, Bitdeer had mined 183.4 BTC and sold 179.9 BTC, a volume close to its production. The latest update confirms a complete exit of cash holdings, marking a strategic turning point.
Bitdeer stands out from other miners after liquidating its treasury
Recent financial and operational pressures shed light on this decision:
- The difficulty of the Bitcoin network increased by 14.7% during the last adjustment, increasing mining costs.
- THE hashprice fell below $30 per PH/s/day, reducing revenue per unit of hashing power.
- Gross margin contracted to 4.7% in the fourth quarter, compared to 7.4% a year earlier.
- Capital requirements have increased, notably after a $325 million convertible bond issuance and a $43.5 million private placement linked to the expansion of its data centers and its shift to artificial intelligence.
By no longer holding any bitcoin, Bitdeer is positioning itself against the trend of the majority of listed playersaccording to data from BitcoinTreasuries. MARA Holdings controls around 53,250 BTC, while Riot Platforms holds nearly 18,000. Strategy remains the largest institutional holder, with more than 717,000 BTC. Even miners who regularly sell part of their production generally retain part of their reserves.
Management did not specify whether this decision reflects a permanent change in its treasury policy or a temporary measure aimed at strengthening its liquidity in a context of expansion. Meanwhile, Bitdeer faces a securities class action lawsuit in the Southern District of New York related to alleged misrepresentations regarding the timing of its SEAL04 chip.
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