Miner liquidates reserves alongside weekly production

Bitcoin mining firm Bitdeer has fully exited its corporate Bitcoin position, reducing its treasury balance to zero after selling both newly mined coins and its remaining reserves.

In its latest operational update, the company reported producing 189.8 BTC during the week and selling the entire amount. It also liquidated an additional 943.1 BTC from its treasury, bringing its “pure holdings,” excluding customer deposits, to zero.

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Just weeks earlier, Bitdeer had still held 943.1 BTC on its balance sheet. While miners routinely sell part of their production to cover electricity and infrastructure costs, maintaining a treasury position is common practice to preserve exposure to potential price appreciation. A complete liquidation of reserves is comparatively rare.

Bitdeer did not immediately respond to requests for comment.

Bitdeer’s Bitcoin holdings drop to 0. Source: Bitdeer

Convertible note offering adds pressure

The treasury move coincides with a sharp decline in Bitdeer’s share price following its announcement of a $300 million convertible senior note offering, with an option to expand the raise by $45 million. The notes, due in 2032, can be converted into stock, cash or a combination of both.

The company, founded by former Bitmain co-founder Jihan Wu, said proceeds would fund data center expansion, artificial intelligence cloud growth, mining hardware development and general corporate purposes.

At the same time, Bitdeer has been increasing its self-mining operations as demand for mining hardware softens. Rather than selling equipment to customers, the firm is deploying more rigs internally to generate Bitcoin directly.

Industry shifts toward hybrid revenue models

Bitdeer’s decision comes amid a broader recalibration across the mining sector. Following the 2024 Bitcoin halving, which reduced block rewards, and a steady rise in network difficulty, margins have tightened for operators.

Several miners are diversifying beyond pure Bitcoin production. MARA Holdings recently acquired a 64% stake in French computing firm Exaion to expand into AI and cloud services. Companies such as HIVE, Hut 8,

TeraWulf and IREN are repurposing facilities for high-performance computing workloads. CoreWeave, once tied to crypto mining, has evolved into a major AI infrastructure provider.

Against this backdrop, Bitdeer’s decision to eliminate its treasury exposure may signal a shift toward liquidity preservation and capital reallocation as the industry navigates a more capital-intensive environment.