Popular Bitcoin Miner Bitdeer Sells All Its Bitcoin After New Equity Raise

Bitdeer’s move to eliminate its Bitcoin treasury comes after a week of refinancing activity and capital raises, as the miner navigated a balance sheet including $1 billion in borrowings.

• Bitdeer disclosed in its Friday weekly update that it had sold all its Bitcoins, having produced and sold 189.8 during the period.
• The company recently priced a $43.7 million registered direct share offering and announced a convertible notes package of up to roughly $315 million.
• In its Q4 earnings call, Bitdeer reported $149.4 million in cash and equivalents and $1 billion in borrowings, excluding derivative liabilities.

Bitdeer Technologies Group  (BTDR) said on Friday that it no longer owns any Bitcoin (BTC) after selling 189.8 BTC. This came two days after the company announced a $43.7 million share offering and a convertible notes financing package.

In its BTC Weekly Update on X, Bitdeer reported that it had 0 BTC holdings, excluding customer deposits. The company produced 189.8 BTC during the reporting period and sold the same amount, resulting in a net BTC addition of negative 943.1 BTC.

Bitdeer Technologies Group (BTDR) shares closed at $7.78, down by 2.02% on Friday, before rising 1.15% to $7.87 in after-hours trading. Over the past year, BTDR shares have fallen more than 40%. On Stocktwits, retail sentiment around BTDR remained ‘extremely high’, accompanied by ‘extremely high’ levels of chatter over the past day.