Bitdeer, one of the largest publicly traded Bitcoin miners, has not kept a single coin it produced since late February. Cointelegraph flagged on June 20, 2026 that the company has sold every Bitcoin it mined since February 21, excluding the legacy treasury it had already liquidated earlier in the year. The pattern is consistent with Bitdeer's own monthly and weekly disclosures: mine the coins, sell the coins, end the period with an effectively empty Bitcoin balance.
This is the inverse of the playbook most public miners followed through the last cycle. Where Strategy, MARA, and Riot turned their balance sheets into Bitcoin reserves, Bitdeer is treating freshly mined BTC as working capital and spending it almost as fast as it arrives.
The numbers behind the zero-treasury policy
Bitdeer's May 2026 production update reported 921 BTC mined, up 370% from 196 BTC in May 2025. Self-mining hashrate reached 70.2 EH/s, with 83.1 EH/s under management across the platform. At a BTC price near $63,886 as of June 20, 2026, a single month of that output is worth roughly $59 million if sold steadily into the market.
The selling has been near total. In the week ending May 29, Bitdeer mined and sold about 206 BTC, marking the fourteenth straight week it closed with no Bitcoin held over the weekend. The company started 2026 with a treasury of roughly 2,000 BTC and drained it by the end of February, including a single sale of more than 900 coins. Since then, the balance has functioned as a pass-through rather than a store of value.
Mining output is funding an AI buildout
The cash is not sitting idle. Bitdeer is redirecting mining proceeds into three areas: datacenter expansion, its in-house SEALMINER ASIC program, and AI cloud infrastructure. The May update put AI Cloud annual recurring revenue near $69 million, with GPU utilization at 90% and two NVIDIA GB300 NVL72 clusters deployed. CFO Michael Potter pointed to a site in Tydal, Norway as the clearest example of converting owned power into long-duration contracted revenue across the company's 3.0 GW global portfolio.
That pivot has a price. Q1 2026 revenue came in at $188.9 million, up about 170% year over year, but the company posted a net loss of $159.5 million for the quarter. Bitdeer raised $325 million through convertible notes and another $43.5 million in equity earlier in the year. Selling mined BTC immediately removes price exposure from the funding equation: the company books dollars at the moment of sale rather than carrying coins that could fall further.
Two opposite bets on the same asset
The contrast with treasury-first miners is stark. MARA Holdings holds roughly 53,250 BTC, Riot Platforms around 18,000, and Strategy more than 717,000. Those companies are levered long Bitcoin on top of their operating businesses. Bitdeer has stripped that bet out entirely, betting instead that compute infrastructure and contracted power will compound faster than an idle Bitcoin reserve. One model wins if BTC keeps rising; the other wins if Bitdeer can turn cheap power into durable AI and hosting revenue regardless of the coin's price.
The timing sharpens the question. Bitcoin sat at $63,886 on June 20, down a fraction on the week, with the Fear and Greed Index at 21, in "Fear" territory. JPMorgan analysts have flagged that BTC has traded below its estimated production cost for months, squeezing miner margins. A miner that hoards coins in that environment is averaging into a position the market is pricing below cost; a miner that sells locks in revenue and sidesteps the drawdown. Bitdeer has chosen the second path without hedging.
Steady miner selling is a structural supply factor
Steady, programmatic selling from a top-tier miner is a structural supply factor. It is not a panic sale tied to a single bad week; it is a stated policy that puts a predictable stream of coins on the market every period regardless of price. For anyone tracking the backdrop that crypto balances and crypto card spending convert against, persistent miner distribution is part of why supply-side pressure has not eased even as some holders accumulate.
It also reframes what a Bitcoin mining company can be. Bitdeer is increasingly an AI and power-infrastructure business that happens to mine Bitcoin, rather than a Bitcoin accumulation vehicle that happens to run datacenters. If the AI cloud revenue keeps climbing toward and past its current $69 million run rate, the mined BTC becomes a funding mechanism, not the product.
Overview
Bitdeer has sold every Bitcoin it mined since February 21, 2026, ending each week with no coins on its balance sheet. It produced 921 BTC in May at 70.2 EH/s and converted the output to cash to fund datacenter, ASIC, and AI cloud expansion, even as it carries a Q1 net loss of $159.5 million. The strategy is a deliberate break from peers like Strategy and MARA that hoard BTC, and it adds a steady stream of miner selling to a market already trading in fear and, by JPMorgan's read, below production cost.
