Big Mining Firm Liquidates Its Entire Bitcoin Treasury

In Brief

• Bitdeer liquidated its entire 943 BTC treasury plus newly mined supply.
• The company sold both newly mined BTC and its accumulated reserves in a single balance sheet reset.
• The move signals a clear shift toward liquidity preservation in the post-halving mining cycle.

Bitcoin mining firm Bitdeer Technologies Group has reportedly sold its entire Bitcoin treasury, liquidating 943 BTC while also offloading 189.8 BTC mined in a single week. The move represents a full exit from balance sheet Bitcoin exposure, a notable shift for a publicly traded mining company.

Bitdeer Technologies Group, founded by Bitmain co-founder Jihan Wu, operates as a global Bitcoin mining and infrastructure provider. The company manages large-scale mining facilities across multiple jurisdictions while offering both proprietary self-mining and hosting services. Additionally, Bitdeer went public in 2023 and since then, it has provided transparent monthly disclosures detailing total BTC mined, hash rate under management, energy capacity, and treasury holdings.

Inside Bitdeer’s Treasury Strategy

Bitdeer’s operating model differs from smaller single-site miners. The firm combines vertically integrated mining operations with infrastructure services, allowing it to generate revenue from both block rewards and hosting arrangements. This dual structure provides some insulation from pure price volatility, as hosting contracts and managed hash rate services can offer steadier income compared to fully self-mined exposure.

Over time, the company expanded its total hash rate and power capacity while investing in next-generation mining hardware and efficiency upgrades. Also, Bitdeer’s competitiveness depends heavily on electricity costs, geographic diversification, and access to capital.

Additionally, and like many mining firms during previous market cycles, Bitdeer accumulated Bitcoin rather than immediately selling all mined supply. Treasury strategies among miners have consistently aimed to preserve upside exposure to Bitcoin’s price and signal long-term conviction in the asset. However, the most recent halving event materially reduced block rewards, compressing margins and forcing miners to evaluate liquidity management strategies.

Indeed, treasury management has become more dynamic, with miners reassessing the balance between holding Bitcoin for upside exposure and preserving liquidity to sustain operations through tighter revenue conditions.

BTC Weekly Update showing how Bitdeer sold their entire BTC treasury. **Source: Bitdeer**

Why the Treasury Sale Matters

It’s important to note that the decision likely reflects balance sheet prioritization rather than directional market positioning. Also, mining companies are currently navigating tighter revenue conditions, continued capital expenditure requirements, and energy cost volatility. Therefore, converting reserves into cash may provide operational flexibility, fund expansion, or reduce exposure to short-term price swings.

In the past, large miner distributions have occasionally coincided with temporary market pressure. However, the scale of 943 BTC remains modest relative to overall spot liquidity and derivatives market depth. The more meaningful signal will be whether this represents a one-time liquidity event or a broader shift away from treasury accumulation across the mining sector.

Going forward, the focus isn’t about if Bitdeer will hold Bitcoin. Instead, it shifts to how it manages liquidity, capital allocation, and operational efficiency. Especially in a tighter post-halving mining environment.