Crypto: Bitcoin Miner Bitdeer Dumps Entire BTC Reserves, Holdings Drop To Zero

Bitcoin miner Bitdeer liquidated 943 BTC from reserves and sold newly mined coins, cutting corporate holdings to zero.

Bitcoin mining firm Bitdeer has sold all of its corporate Bitcoin holdings, reducing its treasury balance to zero, according to the company’s latest operational update.

In its latest weekly report, Bitdeer disclosed that its “pure holdings,” excluding customer deposits, have fallen to 0 Bitcoin (BTC). The report shows the company produced 189.8 BTC during the period and sold the full amount, alongside an additional 943.1 BTC, which was liquidated from its existing treasury reserves.

In its earlier update on Feb. 13, the miner still held 943.1 BTC, selling 179.9 BTC out of 183.4 BTC mined that week, leaving its treasury intact despite routine sales of newly mined coins.

Mining firms commonly sell a portion of production to fund electricity, hosting and equipment costs, but they also maintain a treasury balance to keep exposure to Bitcoin’s price appreciation. Fully liquidating reserves is less typical.

Cointelegraph reached out to Bitdeer for comment, but had not received a response by publication.

Related: Bitcoin mining difficulty rebounds 15% as US miners recover from winter outages

On Thursday, Bitdeer’s shares fell sharply after the company announced plans to raise $300 million through a convertible senior note offering, with an option to expand the sale by an additional $45 million. The notes, due in 2032, can later be converted into company stock, cash or a mix of both.

The company, founded by former Bitmain co-founder Jihan Wu, said the funds will support data center expansion, AI cloud growth, mining hardware development and general corporate needs.

Bitdeer has also been expanding its self-mining operations as demand for its mining hardware weakens, increasingly using its own rigs to mine Bitcoin rather than selling them to customers.

Source: CoinTelegraph