Bitdeer sells all mined Bitcoin for 14th straight week, holds zero BTC
Bitdeer has sold every Bitcoin it mined for 14 weeks in a row. The company now has zero BTC on its books. For a miner this size, I would not treat that as background noise.
Company reports show Bitdeer sold all of the Bitcoin it mined for the 14th straight week after moving more than 206 BTC produced in the week ending May 29. It now holds zero BTC, excluding customer deposits. Awkward timing, too. Bitcoin is already down 16% since the start of the year, and miners are one of the few groups adding fresh supply every single day.
Bitdeer’s routine is blunt: mine Bitcoin, sell Bitcoin, end the week with no BTC on the balance sheet. The company last emptied its treasury at the end of February after an 8-week selloff that started with about 2,000 BTC at the beginning of the year. In the final week of that drawdown, it sold another 943.1 BTC from reserves on top of its normal production sales. That is not subtle.
This is not some tiny miner limping through one ugly quarter. Bitdeer said earlier this year that it had lifted its own hashrate to 63.2 EH/s, and it produced 783 BTC in April alone. Then it sold all of it. TechFlow called Bitdeer an “immediate mine, immediate sell” company. I’ll be honest: that sounds harsh, but it also lands pretty close to the truth. It is miles away from miners that treat newly mined BTC as a treasury asset and sit through the cycle.
The market backdrop makes the selling harder to dismiss. BTC is down 16% this year, and the Fear and Greed index is in “Fear” at 33 points. Why does this matter? Because miner selling is not just an accounting footnote when buyers already look cautious. Traders now have to ask whether miners are reacting to weak liquidity or helping create it.
Bitdeer has said its earlier treasury drawdown was meant to pay for infrastructure, not signal a bearish view on Bitcoin. Fair enough. Most commentary stops there. That is only half right. Markets usually care more about flows than explanations, and 14 straight weeks of selling every mined BTC is a flow people can measure. For BTC traders, the question is not whether Bitdeer still likes Bitcoin. It is whether a 63.2 EH/s operator keeps adding sell pressure while BTC is down 16% year to date.
Other big Bitcoin names are taking the other side. Bitdeer is stepping away from the treasury playbook while some of the largest Bitcoin-linked companies keep adding to it. Bitcoin Magazine says MARA Holdings holds about 53,250 BTC, Riot Platforms holds around 18,000 BTC, and Strategy, formerly MicroStrategy, owns more than 717,000 BTC. My take: that split is the story. Some operators are selling production to pay for growth. Others are turning the balance sheet into a BTC bet through the cycle.
Bitdeer also needs cash for more than mining. The company raised $325 million through convertible notes and $43.5 million in equity earlier this year, according to financial disclosures. The money is going toward data centers and new generation ASICs. It is also going toward AI cloud services. Its Tydal site in Norway has been converted into an AI data center, and AI Cloud Services revenue now has a yearly run rate above $69 million. Bitdeer no longer looks like a pure Bitcoin miner. It looks like an infrastructure company trying to keep its options open.
The numbers make the zero-BTC policy easier to understand. Bitdeer reported Q1 2026 revenue of $188.9 million, up about 170% year over year, but it also reported a $159.5 million net loss. Gross margin had already slipped to 4.7% in Q4 2025 from 7.4% a year earlier. Is holding BTC still the obvious move in that setup? Not really. When margins are that thin, holding BTC can look less like conviction and more like a costly luxury.
The stock market has not punished the move so far. Market data showed BTDR up about 14% on May 28, rising from the low $12 range earlier in the month to $17.75. That rally happened while the company was still selling every mined coin. Counter to the usual Bitcoin-native read, equity traders may not care much about the zero-BTC balance right now. They may be paying for the AI data center story and the capital plan. Bitcoin holders can look at the same behavior and see miner distribution into a weak market.
What this means
Bitdeer’s 14-week zero-BTC policy shows a real split in mining. Holding Bitcoin is no longer the default move when margins are tight and infrastructure bills keep arriving. Simple as that.
For BTC, the effect is straightforward. One miner that produced more than 206 BTC in the week ending May 29 and sold all of it does not control the market. But yes, this slightly contradicts the calm version of the story: that supply still matters. It lands in a market already down 16% this year, with the Fear and Greed index at 33.
Investors should watch Bitdeer’s next weekly update after May 29 to see whether the company keeps a zero-BTC balance for a 15th straight week. For BTDR, $17.75 is the near-term equity marker after the May 28 rally, while the low $12 range is the recent base where buyers stepped in. For BTC, I would watch the cleaner signal: whether miner selling continues while fear sits near 33, and whether the market can absorb those production sales without adding to the 16% year-to-date drawdown.