Zero Bitcoin: Why This Miner Is Selling Everything It Produces

In a bid to calm investor nerves after confirming that it has sold all of its Bitcoin holdings, Bitdeer Technologies framed the move as a deliberate liquidity decision rather than a bearish signal on the asset itself.

In a recent statement, the Singapore-based miner stated that converting newly mined Bitcoin into cash is a pragmatic step as it evaluates several non-binding opportunities to acquire powered land, a process that requires capital readiness well before deals are finalized.

Zero-BTC Balance Sheet

Despite the sale, Bitdeer continues to scale aggressively on the operational front. It ramped up self-mining capacity to more than 63 EH/s and sharply increased Bitcoin production year over year, even as it sold the entirety of its recent output rather than retaining it on the balance sheet. Its official announcement on X read,

“Our decision to sell Bitcoin should not be a concern for the broader market. Our hash rate will continue to grow, and we will continue to mine more Bitcoin for the interest of our shareholders.”

The latest move represents a significant departure from the balance-sheet accumulation strategy popularized by firms such as Strategy, which has treated Bitcoin as a long-term reserve asset.

At the same time, the firm is accelerating a strategic pivot that further explains its cash needs – expansion into AI and high-performance computing infrastructure. Deploying large-scale GPU systems and converting existing mining sites in the US and Europe into AI-ready data centers demands substantially more upfront capital than incremental mining buildouts, which makes the sale more rational.

Breaking From Miner Playbook

Bitdeer isn’t the only player to have offloaded its BTC stash. In fact, there has been an emerging pattern among public miners such as Riot Platforms, Bitfarms, and Core Scientific, many of which have partially sold mined Bitcoin or diversified into AI to stabilize cash flows.

Even so, Bitdeer’s decision to completely exit Bitcoin holdings places it outside the norm for publicly traded miners. Most of its peers still maintain sizable treasuries. For instance, MARA Holdings holds more than 53,000 BTC, while Riot Platforms retains close to 18,000 BTC.

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