Bitdeer Sells All Mined Bitcoin, Maintains Zero Holdings Amid AI Pivot
New York, NY – Nasdaq-listed Bitcoin mining firm Bitdeer has continued its strategy of selling all newly mined Bitcoin, maintaining zero reserves of the cryptocurrency. In the week ending October 2nd, the company mined 292.3 BTC and sold an equivalent amount, resulting in no net addition to its holdings. This mirrors the company’s approach in previous months, where production is immediately converted to cash.
Bitdeer is mining approximately 41.8 BTC per day. At the current price of around $84,770 per BTC, the 292.3 BTC mined in the specified week is valued at approximately $24.8 million, based on current market prices rather than actual transaction values.
This zero-holding strategy is a recent development for Bitdeer. As of the end of 2025, the company held approximately 2,000 BTC. This figure decreased to 1,530 BTC by the end of January 2026, and further dropped to 943.1 BTC by February 13th. In the week of February 20th, the company announced via its official X account that it had sold all 189.8 BTC mined that week, along with the remaining 943.1 BTC from its reserves, officially bringing its holdings to zero.
At the time of the divestment, Chief Communications Officer Ross Gann stated that the sale of Bitcoin was a liquidity decision, not an abandonment of mining operations. He explained that the company was prioritizing cash flexibility due to evaluating several non-binding acquisition opportunities involving land with power infrastructure. Bitdeer’s statement at the time also emphasized that its decision to sell Bitcoin should not be a cause for broader market concern. Concurrently, the company initiated convertible bond financing.
Strategic Capital Allocation Towards AI and Power Infrastructure
The proceeds from these sales are being redirected towards other ventures. Bitdeer’s August operational report (6-K filing with the SEC) details this shift. In August, Bitdeer mined 1,310 BTC with a self-owned hashrate of 79.9 EH/s. Simultaneously, its AI cloud segment reported an annualized recurring revenue (ARR) of approximately $86 million, with 4,328 GPUs deployed and a utilization rate of 92%. This represents an increase from the $76 million ARR reported in June.
Land and power infrastructure represent another significant area of investment. The company acquired 200 acres of land near its Rockdale, Texas facility, which currently has a capacity of 563 MW. The AI cloud pipeline has a total capacity of 206.5 MW. In Norway, Bitdeer has secured a 16-year lease for its Tydal facility, valued at $4.7 billion, with an option to extend for an additional 8 years, potentially bringing the total value to $8 billion. The company also has an initial 30 MW setup in Bhutan, with plans to expand to 500 MW.
The company’s second-quarter financial report provided further details on this transformation. At the Tydal facility, the lessee Volta is targeting 121 MW of IT load within the 180 MW park, with Bitdeer retaining 47 MW. In Malaysia, Bitdeer has leased a new 21.7 MW data center, expected for delivery in the first quarter of 2027, which is planned to accommodate 128 NVIDIA GB300 systems. AI cloud revenue for the second quarter reached $14 million, a 284% increase quarter-over-quarter. The company has also revised its full-year mining capital expenditure forecast downwards to between $200 million and $280 million, indicating a clear reallocation of funds towards AI and power infrastructure.
Financial Performance and Debt Concerns
However, the company’s financial performance reveals a more complex picture. In the second quarter, Bitdeer reported revenue of $228.8 million, a 47% year-over-year increase, and adjusted EBITDA of $31.1 million, up 575% year-over-year. Despite these positive figures, the company posted a gross loss of $8.5 million, resulting in a gross margin of approximately -3.7%.
This indicates that while adjusted EBITDA, which excludes depreciation and amortization, presents a favorable outlook, the core business is still operating at a loss when the costs of mining equipment and GPUs are fully accounted for.
The balance sheet also highlights financial pressures. Bitdeer has $496 million in cash against $1.8 billion in long-term debt. The immediate sale of mined Bitcoin is a rapid method to bolster cash flow, but it also means the company lacks any Bitcoin reserves for emergency situations.
Industry Divergence in Strategy
The broader industry context offers a compelling comparison. In the first quarter of 2026, publicly traded mining companies including MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer collectively sold over 32,000 BTC, setting a record. Riot Platforms alone sold 3,778 BTC in a single quarter, raising approximately $289.5 million to repay Bitcoin-backed loans.
MARA, while selling over 20,000 BTC in the first half of the year, was observed by on-chain analytics platform Lookonchain on September 16th to have repurchased 1,292 BTC through FalconX at an average price of $76,347, totaling approximately $98.64 million. This brought MARA’s holdings back to 35,577 BTC.
While both companies face cash flow pressures, MARA has begun to rebuild its Bitcoin reserves, whereas Bitdeer continues its divestment. This divergence signals a split in how these mining firms are positioning Bitcoin within their strategies.
Bitdeer’s approach of treating Bitcoin as a cash flow generator rather than a reserve asset is a logical survival strategy given its high debt and negative gross margins. However, the long-term market acceptance of this strategy hinges on its AI cloud segment transitioning from a narrative to profitability.
The conditions for success are clear: continued growth in AI cloud metrics and a positive gross margin for this segment will validate Bitdeer’s pivot strategy.
