Bitdeer Sells Entire Bitcoin Treasury, Holdings Fall to Zero
Bitcoin miner Bitdeer has liquidated its entire corporate Bitcoin treasury, reducing pure holdings to 0 BTC, according to its weekly operational report. During the reporting period the company mined 189.8 BTC and sold the full amount; it also sold an additional 943.1 BTC from existing reserves. In a prior update on Feb. 13 Bitdeer still held 943.1 BTC. The company frequently sells newly mined coins to cover operating costs, but fully liquidating reserves is unusual. Bitdeer recently announced a $300 million convertible senior note offering (with a $45 million option) to fund data center expansion, AI cloud growth, mining hardware development and corporate needs; the stock fell sharply after the announcement. The article notes a broader industry shift as miners diversify into AI and high-performance computing to offset post-halving margin pressure. Key figures: 0 BTC remaining treasury, 189.8 BTC mined and sold in the period, 943.1 BTC liquidated from reserves, $300M convertible notes planned.
Bearish
Bitdeer’s full liquidation of its BTC treasury is a bearish signal for traders. While miners routinely sell newly mined coins to cover costs, draining a treasury removes a company-level demand source and can increase short-term selling pressure. The simultaneous announcement of a $300M convertible note offering — and the share price drop after the announcement — suggests funding needs that likely prompted the liquidation. Historically, large miner sell-offs (or announcements of sizable liquidations) have exerted downward pressure on BTC price in the short term by increasing available supply and signaling liquidity needs (examples: miner sell programs during 2018–2020 downturns and post-2022 miner sales). Short-term impact: elevated selling pressure, potential increased volatility, and negative sentiment among traders. Medium-to-long-term impact: limited if broader market demand absorbs supply and miners re-accumulate later; however, continued miner sell programs combined with weak demand could sustain downward price pressure. Traders should watch miner flow metrics, exchange inflows, and Bitdeer’s subsequent treasury and capital deployment updates for evolving supply-side signals. Risk-management actions: reduce leverage, set tighter stops, monitor on-chain miner outflows and convertible note execution timings.