Bitdeer moved ahead to sell all the coins it mined during the week ending May 29. This led the company to maintain its zero-balance treasury policy. It had mined more than 206 $BTC during the period and sold all of them. However, the customer deposit has been excluded from this.
The biggest crypto is dealing with heavy selling pressure, and Bitdeer added some more to it. Bitcoin price has dipped by 16% since the beginning of the year. The Fear and Greed index is flashing big warnings. The index dipped into the “Fear” category with 33 points.
Bitdeer chooses Cash over Bitcoin
Bitdeer’s treasury was last emptied back at the end of February. The Bitcoin mining company started its year with around 2,000 $BTC. It drained it all over an 8-week liquidation period.
During the last week of the treasury drawdown, Bitdeer sold off an additional 943.1 $BTC in reserves over their normal production sales. Bitdeer insisted at the time that it was a matter of liquidity because of infrastructure investment and not a bearish call on Bitcoin price.
Three months later, Bitdeer’s zero-balance treasury policy has not changed. For every weekly update that has occurred since February, Bitdeer has mined and then sold all its $BTC holdings, having zero on the balance sheet at the end of each week. TechFlow referred to Bitdeer as an “immediate mine, immediate sell” company and contrasted that with those that add all mined $BTC as a long-term balance sheet asset.
Bitdeer is not a small operation. The company boosted its own hashrate to 63.2 EH/s earlier this year and produced 783 $BTC in April alone. However, all of that has been sold off. It is quite an unusual trend for a big mining player to be selling all of its mining output for over three months, which gives a clear message to investors: its operational expenses are higher than the reason behind holding its production.
Bitdeer used this money to build on. It has raised $325 million through convertible notes and $43.5 million in equity earlier this year to develop its data centers, build new generation ASICs, and venture into AI cloud services. Its Tydal facility in Norway has been developed into an AI data center, and AI Cloud Services revenue has reached a yearly run-rate above $69 million.
Bitdeer sells while rivals keep stacking $BTC
Bitdeer’s zero-$BTC stance looks stark against its largest competitors. MARA Holdings maintains a treasury of approximately 53,250 $BTC, Riot Platforms holds around 18,000 $BTC, and Strategy (formerly MicroStrategy) sits on more than 717,000 $BTC, according to Bitcoin Magazine.
The divergence raises a question the market has not fully priced: if miners who actually produce Bitcoin choose not to keep it, what does that say about the risk-reward calculus for companies that buy it on the open market?
Bitdeer has not said whether it plans to rebuild its treasury position. 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 had already compressed to 4.7% in Q4 2025, down from 7.4% a year earlier, per Bitcoin Magazine.
The stock has rallied regardless. BTDR traded up roughly 14% on May 28, climbing from the low $12 range earlier in the month to $17.75.