Bitdeer, a Bitcoin mining company, has sold all the coins it mined during the week ending May 29. This marks the 14th consecutive week the firm has followed a zero-balance treasury policy. It mined over 206 BTC in that period and sold them all. Customer deposits were excluded from this count.
The largest cryptocurrency is under heavy selling pressure, and Bitdeer has added to it. Bitcoin’s price has fallen 16% since the start of the year. The Fear and Greed index now sits at 33 points, which falls into the “Fear” category.
Why Bitdeer is selling all its mined Bitcoin
Bitdeer’s treasury was last emptied at the end of February. The company began the year with roughly 2,000 BTC, but it drained that over an eight-week liquidation period. During the final week of that drawdown, Bitdeer sold an extra 943.1 BTC from reserves on top of its normal production sales. At the time, the company said this was about liquidity for infrastructure investment, not a bearish bet on Bitcoin.
Three months later, the policy hasn’t changed. Every week since February, Bitdeer has mined and then sold all its BTC, ending each week with zero on its balance sheet. TechFlow described Bitdeer as an “immediate mine, immediate sell” company, contrasting it with those that hold mined BTC as a long-term asset.
Bitdeer’s costs and expansion plans
Bitdeer is not a small miner. It boosted its hashrate to 63.2 EH/s earlier this year and produced 783 BTC in April alone. Yet all of that has been sold. This is an unusual pattern for a large mining player to maintain for over three months. It signals to investors that operating expenses outweigh the reasons to hold production.
The cash from these sales is being used to grow. Bitdeer has raised $325 million through convertible notes and $43.5 million in equity this year to develop data centers, build next-generation ASICs, and move into AI cloud services. Its Tydal facility in Norway has been turned into an AI data center, and AI cloud revenue has reached an annual run rate above $69 million.
How Bitdeer compares to its rivals
Bitdeer’s zero-BTC stance stands out against major competitors. MARA Holdings holds about 53,250 BTC, Riot Platforms has roughly 18,000 BTC, and Strategy (formerly MicroStrategy) sits on over 717,000 BTC, according to Bitcoin Magazine. This raises a question the market hasn’t fully answered: if miners who actually produce Bitcoin choose not to keep it, what does that say about the risk-reward math for companies that buy it on the open market?
Bitdeer hasn’t said whether it plans to rebuild its reserves. Q1 2026 revenue came in at $188.9 million, up about 170% year over year, but the company posted a net loss of $159.5 million. Gross margins compressed to 4.7% in Q4 2025, down from 7.4% a year earlier, per Bitcoin Magazine.
The stock has risen anyway. BTDR traded up roughly 14% on May 28, climbing from the low $12 range earlier in the month to $17.75.
