Key Highlights
- Bitdeer sold all its Bitcoin, but assures investors it’s a strategic move, not a market concern.
- The company plans to raise $300M for expansion while keeping mining operations growing.
- UAE’s Royal Group keeps accumulating Bitcoin, showing a long-term holding strategy without selling.
Bitcoin (BTC) miners rarely empty their treasuries, yet Singapore-based Bitdeer has done exactly that. Amidst this, the company has now issued a statement that its Bitcoin sales should not alarm the market.
“Our decision to sell Bitcoin should not be a concern for the broader market,” Bitdeer stated in a post on X. The firm explained it is preparing liquidity for potential land acquisitions while continuing to expand its mining operations.
Bitdeer has sold every single Bitcoin it owned, including the ones it just mined. In one week alone, it mined 189.8 BTC and sold them all. Prior to that, the company had 943.1 BTC in its treasury, which it also sold completely. Unlike most miners who keep some Bitcoin hoping the price will rise, Bitdeer now holds zero BTC—a move that’s very unusual in the industry.
Mining operations and corporate expansion
Besides selling all its Bitcoin, Bitdeer recently said it plans to raise $300 million through a convertible note due in 2032. The company could even increase this by another $45 million.
Bitdeer said that the money will go toward expanding data centers, growing its AI cloud services, improving mining hardware, and supporting other corporate projects. This move shows the company is thinking ahead, balancing cash on hand with growth plans.
Most Bitcoin miners sell only part of their coins to cover costs like electricity, equipment, and hosting. Bitdeer, however, sold everything, showing strategy rather than desperation. Its mining power will keep increasing, meaning the company will continue producing Bitcoin for its shareholders.
Market context and peer performance
The publicly listed mining companies are a good example of the current state of the industry. As per CompaniesMarketCap data, the top company, Australia-based IREN (Iris Energy), has a market capitalization of $13.26 billion, although its shares dropped by 7.57% recently. The U.S. mining companies, TeraWulf and Riot Platforms, demonstrate mixed results with minor daily drops but stable monthly patterns. Hut 8, a Canadian company, and Cipher Mining, a U.S. company, had smaller daily drops and volatility, respectively.
In connection with this, private entities such as the UAE’s Royal Group continue to accumulate Bitcoin without selling any of it. They have mined 6,782 BTC since 2022 through their mining subsidiary, Citadel Mining, primarily using Foundry Digital mining pools. This indicates a long-term strategy, with energy-rich countries and private entities planning to directly possess Bitcoin without using exchanges.
Meanwhile, as of writing, according to CoinMarketCap data, Bitcoin was trading at $65,637.89, with a 3.41% drop in the last 24 hours.
Also Read: Gold, Silver Show Signs of Rally, Then Why is Bitcoin Dead?
