Bitcoin miner Bitdeer has defended its decision to liquidate its Bitcoin holdings, saying it shouldn’t be a concern for the broader market.
Bitdeer’s Bitcoin Holdings Have Hit Zero
On Saturday, Bitdeer shared its weekly Bitcoin update in an X post, revealing that the company sold all of its mining output for the week. In total, the firm mined 189.8 BTC during the window, but due to the sale, its net holdings hit zero.
Based in Singapore, Bitdeer is a BTC mining platform that operates facilities in the US, Norway, and Bhutan, among other countries. According to BitcoinMiningStock, the firm’s active computing power or “Hashrate” is currently the largest out of all public miners, sitting at 63.2 exhashes per second (EH/s).
The list of the top ten public BTC miners based on the Hashrate | Source: BitcoinMiningStock
While Bitdeer is an established name in the space, it appears to be undergoing a change of strategy. Earlier, the firm would choose to sit on part of or all of its weekly BTC output, but the recent selling to a zero treasury balance reflects a shift.
Bitdeer took to X on Monday to talk about its BTC liquidation. “Our decision to sell Bitcoin should not be a concern for the broader market,” said the company. Bitdeer noted that it’s currently evaluating land acquisition opportunities and believes it to be prudent to prepare liquidity now.
The BTC miner has been expanding into AI infrastructure recently with its “Bitdeer AI” venture, so it’s possible that the land acquisition is linked to the firm’s datacenter push.
Bitdeer isn’t the only mining company that has been expanding into AI. Cango, the fifth largest miner in terms of operating Hashrate, announced a 4,451 BTC sale earlier in February as it looked to pivot into the AI compute business. Similarly, Bitfarms, the tenth largest BTC mining firm, also revealed a strategy shift in November, noting that a high-performance computing (HPC) business pivot could make the company more profitable than Bitcoin mining ever was.
Bitfarms plans to wind down its mining facilities over the course of 2026 and 2027, while Cango has so far remained committed to its mining business. Bitdeer also doesn’t appear to be backing off from BTC mining, as it said, “Our hash rate will continue to grow, and we will continue to mine more Bitcoin for the interest of our shareholders.”
BTC Plunges To Low $64,000 Levels Before Bouncing Back
Bitcoin has kicked off the new week with some volatility as its price first fell to around $64,300 for the first time since February 5th, before rebounding back up to the $66,100 mark.
The chart below showcases the latest price action in the cryptocurrency.
Looks like the price of the coin has moved sideways on the net | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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