Nasdaq-listed Bitcoin miner Bitdeer has sold all 253.4 $BTC it mined this week, according to an official post on X. The company has maintained a zero-$BTC treasury strategy since February, under which it immediately converts all mined Bitcoin into cash. As of Feb. 20, Bitdeer had reduced its $BTC holdings to zero and has since continued to sell its entire mining output on a weekly basis.
Bitdeer’s Zero-Treasury Strategy: Context and Implications
Bitdeer’s decision to sell all mined Bitcoin marks a notable shift from the industry’s earlier trend of accumulating $BTC on balance sheets. While many miners adopted a hold strategy during the 2021 bull market, the 2022 market downturn and subsequent volatility prompted several companies to reconsider. Bitdeer’s approach prioritizes liquidity and operational funding over long-term appreciation, a stance that may appeal to investors seeking stable cash flows.
The sale of 253.4 $BTC at current market prices would generate roughly $17 million in revenue, based on Bitcoin’s recent trading range. This cash is likely earmarked for operational expenses, debt repayment, or expansion of mining capacity. By selling immediately, Bitdeer avoids the risk of price declines but also forgoes potential upside if Bitcoin’s price rises.
Industry Context and Market Reaction
Bitdeer is not alone in adopting a sell-as-you-mine approach. Other miners, including Core Scientific and Riot Platforms, have used similar strategies during different periods, though many have also retained portions of their output. The choice often reflects a company’s financial health, capital expenditure needs, and market outlook.
