Bitdeer sold all of the coins it mined during the week ending May 29. This has resulted in the company maintaining a zero balance treasury policy. She mined over 206 Bitcoins during this period and sold them all. However, the customer’s deposit is excluded from this.
The largest cryptocurrency is dealing with intense selling pressure, and Bitdeer has added to it. The price of Bitcoin has fallen by 16% since the beginning of the year. The Fear and Greed Index issues major warnings. The index fell to the “fear” category by 33 points.
Bitdeer chooses cash instead of Bitcoin
Bitdeer’s vault was last emptied at the end of February. The bitcoin mining company started the year with around 2,000 bitcoins. I exhausted it all during an 8-week clearing period.
During the last week of treasury withdrawal. Bitdeer sold out 943.1 additional BTC in reserves compared to normal production sales. Bitdire insisted at the time that it was a question of liquidity due to infrastructure investment and not a bearish call for the Bitcoin price.
Three months later, it runs Zero balance Treasury policy has not changed. For every weekly update since February, Bitdeer has mined all of its Bitcoin holdings and then sold them, with zero on the balance sheet at the end of each week. TechFlow referred to Bitdeer as an “instant mining and instant selling” company and contrasted that with one that adds all mined bitcoins as a long-term balance sheet asset.
Bitdeer is not a small operation. The company consolidated itself Hash rate to 63.2 EH/s earlier this year and produced 783 BTC in April alone. However, it was all sold out. It is quite an unusual trend for a large mining company to sell all of its mining production for more than three months, giving a clear message to investors: its operating expenses are higher than the reason behind suspending its production.
Bitdeer used these funds to build on it. It raised $325 million through convertible bonds and $43.5 million in equity earlier this year to develop its data centers, build a new generation of ASICs, and venture into AI cloud services. Its Tydal, Norway facility has been developed into an AI data center, and AI Cloud Services revenue has reached an annual run rate of more than $69 million.
Bitdeer is selling as competitors continue to hoard BTC
Bitdeer’s zero BTC stance looks stark against its biggest competitors. MARA Holdings holds a treasury of about 53,250 BTC, Riot Platforms has about 18,000 BTC, and Strategy (formerly MicroStrategy) has more than 717,000 BTC, according to Bitcoin Magazine.
This difference raises a question that the market has not fully priced in: If the miners who actually produce bitcoin choose not to hold it, what does that say about the risk-reward calculus of companies that buy it on the open market?
Bitdeer did not say whether it plans to rebuild its treasury position. Revenue for the first quarter of 2026 was $188.9 million, up about 170% year over year, but the company posted a net loss of $159.5 million. Gross margins were actually compressed to 4.7% in the fourth quarter of 2025, down from 7.4% a year earlier, according to Bitcoin Magazine.
The stock has risen regardless. BTDR token trading rose nearly 14% on May 28, rising from the low $12 range earlier in the month to $17.75.
