"In its latest weekly production update, the Singapore-based miner disclosed that it produced 189.8 BTC during the period and sold the entire amount. It also offloaded its remaining 943.1 BTC in reserves in a single week, wiping out its balance sheet holdings. The move marks a sharp break from the traditional public miner strategy of accumulating bitcoin as a treasury asset. With the liquidation, Bitdeer becomes the largest publicly traded miner by self-mining hashrate to hold no bitcoin on its balance sheet."
"The decision comes as mining economics tighten. Bitcoin network difficulty recently jumped 14.7%, while hashprice has fallen below $30 per PH/s/day. Bitdeer's gross margin declined to 4.7% in the fourth quarter, down from 7.4% a year earlier, reflecting mounting operational pressure following the halving and rising competition. At the same time, the company is raising capital to fund expansion beyond core mining."
Bitdeer Technologies reduced its corporate bitcoin holdings from roughly 2,000 BTC at 2025 year-end to zero as of Feb. 20 after an eight-week drawdown. The company produced 189.8 BTC during the latest period and sold the entire amount, and it sold 943.1 BTC in reserves in a single week, excluding customer deposits. Mining economics tightened with network difficulty rising 14.7% and hashprice falling below $30 per PH/s/day, contributing to a Q4 gross margin decline to 4.7%. Bitdeer is raising capital through a $325 million convertible notes offering and a $43.5 million equity placement to fund data center buildouts, ASIC development, HPC and AI cloud services, and powered land acquisitions.
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