Bitcoin Sale Is Not A ‘Concern,’ No Plans To Stop Mining, Says Bitdeer – BTDR Stock Slips Overnight

Bitdeer said on Monday that it plans to keep mining Bitcoin and anticipates that its hash rate will continue to grow.

• The company addressed concerns around any permanent changes to its Bitcoin-backed treasury strategy after its BTC sale last week.
• Bitdeer sold all of the 189.8 BTC it had mined last week, causing traders to speculate that the company may be headed for bankruptcy amid the cryptocurrency downturn.
• The company said it sold the Bitcoin to raise liquidity in order to fund the land acquisition opportunities it's currently reviewing. 

Shares of Bitdeer (BTDR) fell in overnight trade, even as the company said on Monday that its decision to bring its Bitcoin (BTC) holdings to zero should not be a cause for “concern” and that it plans to continue mining BTC.

“Our decision to sell Bitcoin should not be a concern for the broader market,” the company said in a post on X. “Our hash rate will continue to grow, and we will continue to mine more Bitcoin for the interest of our shareholders,” it added, clarifying that the sale was not a long-term change to its treasury policy. 

It said it sold its entire Bitcoin holdings to raise liquidity, citing multiple non-binding powered land acquisition opportunities currently under review and the need to prepare capital in advance.

Bitdeer Sells Bitcoin To Buy Land For AI-HPC Pivot

Bitdeer announced on Friday that it has sold all of the Bitcoin it produced over the past week, amounting to around 189.8 BTC. 

The land acquisition that it mentioned points to its recent pivot to providing support for artificial intelligence (AI) and high-power computing (HPC) workloads, given it already has the technology within its Bitcoin mining business – a route many Bitcoin miners have taken as Bitcoin mining difficulty has continued to climb, making it less profitable to deploy resources.  

During its latest earnings call, management said it plans to spend between $180 million and $200 million to bring 2 gigawatts (GW) of computing power online.

Bitdeer Stock Takes A Hit Alongside Bitcoin

BTDR’s stock slipped more than 1% in overnight trade on Sunday, while sentiment around the stock fell to ‘bullish’ from ‘extremely bullish’ territory, but chatter remained at ‘extremely high’ levels.

One user speculated that BTDR’s sale of Bitcoin could indicate that bankruptcy is on the horizon. 

Many were also surprised that Bitdeer chose to sell its Bitcoin when prices had fallen nearly 50% from their peak in October.

Meanwhile, Bitcoin’s price was trading around $65,600, recovering from a dip to $64,200 and still down 3.4% over the last 24 hours. On Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘bearish’ territory over the past day. 

BTDR’s stock has fallen more than 31% this year, while Bitcoin’s price has fallen nearly 25%. 

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