Bitcoin mining company Bitdeer has sold all its corporate Bitcoin holdings, bringing its treasury balance down to zero, according to its latest operational update.
In its weekly report, Bitdeer said its “pure holdings,” which exclude customer deposits, now stand at zero Bitcoin. During that time, the company mined 189.8 BTC and sold all of it, plus an extra 943.1 BTC from its treasury reserves.
Mining firms commonly sell a portion of production to fund electricity, hosting and equipment costs, but they also maintain a treasury balance to keep exposure to Bitcoin’s price appreciation. Fully liquidating reserves is less typical.
After announcing plans to raise $300 million through a convertible senior note offering with the option to increase the sale by an additional $45 million, Bitdeer’s shares plummeted on Thursday. The notes, which are due in 2032, may thereafter be exchanged for cash, company shares, or a combination of the two.
Jihan Wu, a former co-founder of Bitmain, formed the company, which stated that the money will be used for general business requirements, data centre expansion, AI cloud development, and mining gear development.
As demand for its mining equipment declines, Bitdeer has also been growing its self-mining business, mining Bitcoin more often on its own rigs rather than selling them to clients.
The deal was part of a larger change in the mining sector. Several miners have embraced a hybrid approach that blends Bitcoin production with income from AI and high-performance computing in the wake of the 2024 halving and reduced margins.
While businesses like CoreWeave have completely shifted into providing AI infrastructure, others like HIVE, Hut 8, TeraWulf and IREN are reusing buildings and energy infrastructure for data centre use.
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