Bitdeer moved forward to promote all of the cash it mined in the course of the week ending Could 29. This led the corporate to keep up its zero-balance treasury coverage. It had mined greater than 206 $BTC in the course of the interval and bought all of them. Nonetheless, the client deposit has been excluded from this.
The most important crypto is coping with heavy promoting strain, and Bitdeer added some extra to it. Bitcoin worth has dipped by 16% because the starting of the yr. The Worry and Greed index is flashing massive warnings. The index dipped into the “Worry” class with 33 factors.
Bitdeer chooses Money over Bitcoin
Bitdeer’s treasury was final emptied again on the finish of February. The Bitcoin mining firm began its yr with round 2,000 $BTC. It drained it throughout an 8-week liquidation interval.
Over the past week of the treasury drawdown, Bitdeer bought off an extra 943.1 $BTC in reserves over their regular manufacturing gross sales. Bitdeer insisted on the time that it was a matter of liquidity due to infrastructure funding and never a bearish name on Bitcoin worth.
Three months later, Bitdeer’s zero-balance treasury coverage has not modified. For each weekly replace that has occurred since February, Bitdeer has mined after which bought all its $BTC holdings, having zero on the steadiness sheet on the finish of every week. TechFlow referred to Bitdeer as an “quick mine, quick promote” firm and contrasted that with people who add all mined $BTC as a long-term steadiness sheet asset.
Bitdeer just isn’t a small operation. The corporate boosted its personal hashrate to 63.2 EH/s earlier this yr and produced 783 $BTC in April alone. Nonetheless, all of that has been bought off. It’s fairly an uncommon pattern for an enormous mining participant to be promoting all of its mining output for over three months, which provides a transparent message to buyers: its operational bills are greater than the rationale behind holding its manufacturing.
Bitdeer used this cash to construct on. It has raised $325 million by means of convertible notes and $43.5 million in fairness earlier this yr to develop its information facilities, construct new era ASICs, and enterprise into AI cloud companies. Its Tydal facility in Norway has been developed into an AI information heart, and AI Cloud Providers income has reached a yearly run-rate above $69 million.
Bitdeer sells whereas rivals preserve stacking $BTC
Bitdeer’s zero-$BTC stance appears stark in opposition to its largest rivals. MARA Holdings maintains a treasury of roughly 53,250 $BTC, Riot Platforms holds round 18,000 $BTC, and Technique (previously MicroStrategy) sits on greater than 717,000 $BTC, in response to Bitcoin Journal.
The divergence raises a query the market has not absolutely priced: if miners who truly produce Bitcoin select to not preserve it, what does that say in regards to the risk-reward calculus for corporations that purchase it on the open market?
Bitdeer has not mentioned whether or not it plans to rebuild its treasury place. Q1 2026 income got here in at $188.9 million, up about 170% yr over yr, however the firm posted a internet lack of $159.5 million. Gross margins had already compressed to 4.7% in This autumn 2025, down from 7.4% a yr earlier, per Bitcoin Journal.
The inventory has rallied regardless. BTDR traded up roughly 14% on Could 28, climbing from the low $12 vary earlier within the month to $17.75.
