Bitdeer went forward and offered all of the cash it mined throughout the week ending Could 29. This led the corporate to keep up its zero steadiness treasury coverage. He had extracted greater than 206 $BTC throughout the interval and offered all of them. Nonetheless, the shopper’s deposit has been excluded from this.
The biggest crypto is coping with heavy promoting strain, and Bitdeer added to it. The value of Bitcoin has fallen 16% for the reason that starting of the yr. The Worry and Greed Index is sending out massive warnings. The index fell to the “Worry” class with 33 factors.
Bitdeer chooses money over Bitcoin
The final time Bitdeer’s treasury was emptied was on the finish of February. The Bitcoin miner began its yr with round 2,000 $BTC. Bought out every part throughout an 8 week liquidation interval.
Over the last week of the treasury discount, Bitdeer offered a further 943.1 $BTC in reserves on its regular manufacturing gross sales. Bitdeer insisted on the time that this was a liquidity subject as a consequence of infrastructure funding and never a bearish determination on the worth of Bitcoin.
Three months later, Bitdeer’s zero steadiness treasury coverage has not modified. For each weekly replace that has occurred since February, Bitdeer has mined after which offered all of its $BTC having zero within the steadiness on the finish of every week. TechFlow referred to Bitdeer as a “mine instantly, promote instantly” firm and in contrast it to people who add all mined. $BTC as a long-term steadiness sheet asset.
Bitdeer isn’t a small operation. The corporate elevated its personal hashrate to 63.2 EH/s earlier this yr and produced 783 $BTC Solely in April. Nonetheless, all of that has been offered. It’s a slightly uncommon development for a big mining participant to promote all of its mining manufacturing for greater than three months, which sends a transparent message to buyers: its working bills are larger than the explanation behind sustaining its manufacturing.
Bitdeer used this cash to proceed constructing. It has raised $325 million via convertible notes and $43.5 million in fairness earlier this yr to develop its knowledge facilities, construct next-generation ASICs and enterprise into cloud AI companies. Its Tydal facility in Norway has been transformed into an AI knowledge heart, and income from AI cloud companies has reached an annual run fee of greater than $69 million.
Bitdeer sells as rivals proceed to pile up $BTC
Bitdeer’s zero$BTC Its stance appears robust in opposition to its greatest rivals. MARA Holdings maintains a treasury of roughly 53,250 $BTCRiot Platforms has round 18,000 $BTCand Technique (previously MicroStrategy) has greater than 717,000 $BTCbased on Bitcoin journal.
The divergence raises a query that the market hasn’t absolutely appreciated: If the miners who truly produce Bitcoin resolve to not maintain it, what does that say concerning the risk-reward calculation for corporations that purchase it on the open market?
Bitdeer has not mentioned whether or not it plans to rebuild its treasury place. First quarter 2026 income was $188.9 million, up about 170% yr over yr, however the firm posted a web lack of $159.5 million. Gross margins had already compressed to 4.7% within the fourth quarter of 2025, down from 7.4% a yr earlier, based on Bitcoin Journal.
The inventory has recovered anyway. BTDR rose roughly 14% on Could 28, shifting from the low vary of $12 at the start of the month to $17.75.
