Key Insights
- Bitdeer’s selling activity in the past week amounted to 206.2 BTC.
- The company held no bitcoins for over three months.
- Bitdeer kept investing in infrastructure and development of artificial intelligence with profits from mining.
Last week (May 25-29, 2026), Bitcoin miner Bitdeer sold 206.2 BTC. After sales, company data indicated no change to the company’s treasury holdings. The update also stated Bitdeer maintained its policy of keeping the no-BTC treasury, despite the continuing growth of mining operations and output.
Bitdeer sells entire weekly Mining Output
Bitdeer released its weekly operational update and reported total BTC production of 206.2 coins. The company sold the same amount during the reporting period. As a result, net BTC added stood at zero while treasury holdings remained unchanged at zero.
The chart showed a steady rise in weekly mining output over the past year. By mid-2025, output was below 50 BTC, dropping to over 200 BTC by late May 2026.
During the same period sales activity was closely tied to production. In recent weeks, output and sales were on par, revealing that the company promptly sold almost all of the mined coins for cash.
The new figures did not take into account customer deposits for treasury calculations.
Company disclosures therefore reflected only corporate-held assets.
Bitdeer began 2026 with approximately 2,000 BTC in reserves. The company liquidated those holdings during an eight-week period and emptied its treasury by the end of February.
During the final week of that drawdown, Bitdeer sold an additional 943.1 BTC from reserves. Management stated that infrastructure investments drove the decision.
Capital Allocation Remains Focused on Expansion
The latest update confirmed a treasury policy that differs from many publicly traded mining companies. Several mining firms continue accumulating digital assets as balance sheet reserves.
Bitdeer instead treats mining output as operating revenue. The company turns the yield from production into cash and uses it to fund expansion projects.
The method minimizes volatility risk to cryptocurrencies. It also has an instant liquidity effect for infrastructure investment and operating costs.
During the period, the company was growing rapidly. It raised $325 million via convertible notes and $43.5 million via equity financing.
Bitdeer invested in data centers, mining hardware development, and AI cloud services. The company also took steps to develop its data centre at Tydal in Norway to be an AI-driven hotspot. AI cloud services have an annualised revenue run rate of more than $69M.
Impact on the market
This chart did not depict the accumulation of treasures, but rather it showed the growth of mining capacity. Production continued to rise steadily and has now reached 206.2 BTC at the end of the latest reporting week.
Miner ownership is a key factor to be watched by market participants because it can impact the supply of miners. Bitdeer’s strategy is to send newly mined coins to the circulation rather than storing them.
During April 2026, the company has managed to create 783 BTC all by itself. The end result was sales activity bringing all production to the market.
The overall market was under pressure throughout the year. Bitcoins fell by an average of about 16 percent from the beginning of this year. In addition, market sentiment also lost ground as the Fear and Greed Index fell into the Fear territory at 33.
Bitdeer sold its weekly products bringing supply into the market. But the volumes were still relatively small when compared to the amount of trading overall.
The policy was different from the other larger treasury holders who are still building their digital assets’ reserve.
Key Figures from the Weekly Update
- BTC Output — 206.2 BTC
- BTC Sold — 206.2 BTC
- Net BTC Added: 0 BTC
- BTC Holdings — 0 BTC
Analysis
Although Bitdeer sold its stock, the amount of operational growth was strong. The company has boosted its hashrate to 63.2 EH/s earlier this year and ramped up production volumes considerably.
Financial performance was a balance of growth and expenditure. First quarter 2026 revenue was $188.9 million up from $163.2 million in the first quarter of 2025.
The company also reported a net loss of $159.5 million during the quarter. Expansion costs and infrastructure investments continued weighing on profitability.
Other industry participants followed different strategies. MARA Holdings had about 53,250 BTC in reserves and Riot Platforms had about 18,000 BTC in reserves. According to reported numbers, Strategy has kept more than 717,000 BTC.
Bitdeer emphasized the actual scaling rather than asset accumulation. The company has been investing its mining revenue in its mining, data center, hardware, and AI projects.
BTDR stocks continued to rally. It was trading at $17.75, up almost 14% on May 28 and recovered from the bottom of the month.
Conclusion
Bitdeer maintained its tenet of zero treasury for the whole last week, which came to an end on May 29, 2026. The company has run out of money—it has mined 206.2 BTC and all of them were sold. The company’s strategy continued to be influenced by increasing production, continued investments in infrastructure, and the growth of AI. Bitdeer kept on using the mining revenue for operations and expansion, whereas many competitors kept large cryptocurrency treasury.
