Bitdeer Dumps Bitcoin Treasury, Holds Zero BTC After Eight-Week Drawdown

Bitdeer Technologies, a Singapore-based miner, has made headlines by selling its entire corporate bitcoin treasury. As of February 20, the company holds zero BTC on its balance sheet, marking a significant departure from traditional public miner strategy.

The move is attributed to tightening mining economics, which have led to a decline in Bitdeer's gross margin to 4.7% in the fourth quarter, down from 7.4% a year earlier. The company's decision to liquidate its balance sheet holdings also comes as it raises capital to fund expansion beyond core mining.

In its latest weekly production update, Bitdeer reported producing 189.8 BTC during the period and selling the entire amount. It also offloaded its remaining 943.1 BTC in reserves in a single week, wiping out its balance sheet holdings. The figures exclude customer deposits.