Bitcoin (BTC) slid to around $65,000 on Feb. 20, and mining firm Bitdeer Technologies Group responded by liquidating its entire proprietary stash. The company's weekly update posted on X showed pure BTC holdings (excluding customer deposits) at zero — down from a cumulative net outflow of -943.1 BTC over the reporting period.
189.8 BTC Mined, 189.8 BTC Sold
Bitdeer reported that it mined 189.8 BTC in the past week and sold the exact same amount, adding literally nothing to its balance sheet. The line item 'Net BTC Added' stood at -943.1 BTC, indicating that the firm has been steadily draining its inventory for some time. This full sell-off marks a sharp break from the industry norm, where miners typically retain a base position even when they sell a portion of output.
Net Inventory Shrunk by 943.1 BTC
The cumulative figure of -943.1 BTC suggests Bitdeer has been offloading holdings across multiple weeks, ultimately reaching zero. In the crypto mining sector, such a drastic move is rare. Most publicly listed miners keep a buffer to benefit from potential price recoveries; Bitdeer's decision signals a more urgent need for cash or a bearish view on near-term BTC price action.
Miner Margins Squeezed
Bitcoin was trading near $65,000 on Feb. 20, a notable pullback from earlier highs. The price weakness directly pressures mining margins, as revenues depend on the spread between BTC market value and operational costs like electricity and hardware. Rising network difficulty has further squeezed profitability, making it harder for miners to cover costs even at current prices.
Defensive Treasury Strategy
Bitdeer did not comment on whether it will resume accumulation if Bitcoin recovers. For now, the company has joined a growing list of miners that are selling every coin they produce — a sign of stress in the sector. During previous bull runs, miners often held a portion of mined BTC in anticipation of upside; the current environment of price consolidation and rising costs has changed that calculus. Bitdeer's move underscores how even established mining firms are prioritizing liquidity over long-term holding.