- Bitdeer Technologies has liquidated its entire corporate Bitcoin treasury, reporting zero BTC held as of February 20, 2024.
- The firm sold 189.8 BTC produced during the week plus its remaining 943.1 BTC reserve to fund data center expansion and a shift toward AI.
- This exit contrasts with major peers like MARA and Riot, occurring as mining margins drop due to rising network difficulty and a 40% decrease in Bitcoin’s price.
Bitdeer Technologies is the latest firm that has called it quits and sold off its entire corporate Bitcoin treasury, reporting zero BTC held as of Feb. 20 in a weekly production update posted on X on Saturday.
The miner said it produced 189.8 BTC during the week and sold the same amount, while also liquidating its remaining 943.1 BTC in reserves (excluding customer deposits).
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The sale completes a drawdown that has sped up in recent weeks, when Bitdeer held roughly 2,000 BTC at year-end, about 1,530 BTC at the end of January, and 943.1 BTC as of Feb. 13.
Funds Raised for Data Center Expansions
The sellout followed a fundraiser in which Bitdeer announced a US$325 million (AU$497,250,000) convertible notes offering and a US$43.5 million (AU$66,555,000) equity placement to fund data center expansion and its AI pivot.
The company’s exit from Bitcoin holdings stands out among public mining firms, based on BitcoinTreasuries data, mostly because many peers continue to keep large treasuries, even when they regularly sell some production.
For example, MARA Holdings holds about 53,250 BTC and Riot Platforms holds around 18,000 BTC. Strategy holds more than 717,000 BTC.
Well, generally speaking, mining conditions have hardened as the Bitcoin price experienced a decrease of over 40% in the last couple of months. Bitcoin network difficulty rose 14.7% in the latest adjustment, and hashprice fell below US$30 (AU$46) per PH/s/day. Bitdeer’s gross margin fell to 4.7% in Q4 from 7.4% a year earlier.
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