Bitdeer Liquidates Bitcoin Reserves Amid Refinancing Efforts

Bitdeer, a leading bitcoin mining and data center operator, has taken significant steps to rebalance its financial situation amidst challenging market conditions. The company has liquidated the majority of its self-owned Bitcoin reserves over the past week, bringing its balance to zero as of February 20th.

This move is part of Bitdeer's ongoing efforts to refinance higher-cost convertible notes, which it aims to replace with new capital through an upsized $325 million offering. The refinancing deal carries a 5% coupon and matures in 2032, marking a notable departure from recent issuances by peers like MARA, CleanSpark, Cipher, and IREN.

The liquidation of Bitcoin reserves is occurring at a time when mining profitability is under pressure due to a weak hashprice environment. The current price of around $30 per terahash per second (PH/s) has led to reduced revenues for miners like Bitdeer. The company's decision to sell its remaining Bitcoin holdings suggests it is prioritizing liquidity and financial flexibility over holding onto digital assets.