Bitdeer Eliminates Bitcoin Treasury Amid Balance Sheet Restructuring

Bitdeer Technologies Group has taken a significant step in restructuring its balance sheet by selling all its Bitcoin holdings. According to the company's latest update, it had produced and sold 189.8 BTC during the reporting period, resulting in a net BTC addition of negative 943.1 BTC. This move comes as Bitdeer navigates a challenging financial landscape, with $1 billion in borrowings.

The sale of Bitcoin holdings is part of a broader effort by Bitdeer to restructure its capital through equity and convertible debt financing. The company recently priced a $43.7 million registered direct share offering and announced a convertible notes package of up to roughly $315 million. These moves are aimed at addressing the company's cash flow concerns, which have been exacerbated by the bear market in cryptocurrencies.

Despite selling all its Bitcoin, Bitdeer's shares closed at $7.78 on Friday, down by 2.02%, but rose 1.15% to $7.87 in after-hours trading. The company's stock has experienced a significant decline over the past year, with a drop of more than 40%. Retail sentiment around BTDR remains 'extremely high', accompanied by 'extremely high' levels of chatter on Stocktwits.