| Key Points: – Bitdeer sold all corporate Bitcoin, shifting from accumulation to liquidity-first strategy. – Weekly sale of 189.8 BTC, net outflow 943.1 BTC, reserves zero. – Self-managed hashrate now surpasses Marathon, prioritizing production capacity over balance-sheet exposure. |
Bitdeer sold its entire corporate Bitcoin reserve and now holds zero BTC, as reported by Blockonomi (https://blockonomi.com/bitdeer-bitcoin-holdings-drop-to-zero-as-miner-sells-entire-reserve/). The move shifts the miner’s posture from treasury accumulation to liquidity-first, changing its risk profile as it prioritizes scale and operating cash flow.
In its latest update, the company sold 189.8 BTC for the week and recorded a net outflow of 943.1 BTC from reserves, reducing the balance to zero, according to LiveBitcoinNews (https://www.livebitcoinnews.com/bitdeer-sells-all-bitcoin-and-overtakes-marathon-in-hashrate/). The firm’s self-managed hashrate also surpassed Marathon Digital Holdings (MARA), underscoring a strategy centered on production capacity over balance-sheet Bitcoin exposure.
Immediate impacts: hashrate lead, cash position, and BTDR stock context
Operationally, leading self-managed hashrate signals a scale advantage that can support output even as network conditions fluctuate. With no BTC treasury, earnings variability now transmits more directly to cash generation and liquidity management.
BTDR shares fell roughly 17%–18% after the disclosure and financing update, reflecting concern about dilution and the loss of a Bitcoin buffer, according to Ainvest.com (https://www.ainvest.com/news/bitdeer-btc-treasury-record-325m-note-sale-17-stock-drop-2602/?utm_source=openai). While single-day moves have multiple drivers, pairing a full treasury sale with new convertible debt likely weighed on sentiment.
Analysts contrasted Bitdeer’s liquidity-first approach with accumulation-focused peers. Matthew Sigel, Institutional Research Lead at VanEck, said: “Bitdeer sells all mined coins and even part of its reserves to fund its AI initiatives.”
At the time of this writing, Bitcoin traded near $67,457 with roughly 11.37% volatility and a 14-day RSI around 38.6, a backdrop consistent with elevated variability in miners’ revenues.
Financing terms: $325 million convertible notes and dilution context
Bitdeer raised about $325 million via convertible notes carrying 5% interest and maturing in 2032, as reported by Coindoo.com (https://coindoo.com/bitdeer-sells-entire-bitcoin-treasury-raises-325m-in-convertible-debt/?utm_source=openai). Proceeds are allocated to AI infrastructure, data center buildouts, and ASIC development.
Coupon and maturity: 5% interest, due 2032
A 5% coupon establishes fixed interest obligations through 2032, typical of senior unsecured convertible instruments. If converted, the notes would increase the share count and dilute existing holders, a risk highlighted by Bitcoin Magazine’s coverage (https://bitcoinmagazine.com/news/bitdeer-stock-btdr-crashes-18?utm_source=openai). The balance-sheet trade-off is near-term cash interest in exchange for long-dated, equity-linked capital.
Use of proceeds: AI infrastructure, data centers, ASIC development
Management is directing capital toward AI-ready data center capacity, high-density power and cooling, and in-house ASIC design. These projects are capital intensive and may require time to translate into operating cash flows. Execution discipline will be important to meet fixed obligations while scaling new revenue streams.
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