Bitdeer, a Bitcoin mining company, announced that it has sold all of its Bitcoin holdings, leaving its balance at zero. The company was only a few days ago holding around 943 Bitcoin, but it has now liquidated its entire reserve.

The company no longer holds any Bitcoin in its treasury, despite the usual practice for mining companies to retain a portion of the coins they produce in anticipation of future price increases. Selling production to cover expenses is normal, but liquidating the entire reserve is unusual and draws attention.

At the same time, Bitdeer announced that it will raise $300 million through a convertible bond issuance to expand data centers, develop cloud AI services, develop mining hardware, and cover the company's general needs.

📍What is happening in the sector overall?

After the 2024 halving, mining rewards decreased and profit pressures increased. As a result, many companies are changing their business models. Companies like MARA Holdings, HIVE, Hut 8, TeraWulf, and IREN are moving toward combining Bitcoin mining with operating AI data centers.

Meanwhile, CoreWeave has fully transitioned into an AI infrastructure company.
Mining companies are no longer relying solely on rising Bitcoin prices. Some are selling their reserves and directing liquidity into more stable areas, especially AI, to reduce risks and cope with market volatility.

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