$BTC Bitdeer, a leading Bitcoin mining company, has sold its entire Bitcoin reserve, reducing its ownership to zero.
The company sold 189.8 BTC that was recently mined and an additional 943.1 BTC from its cash reserves, bringing the total sales to 1,132.9 BTC.
This move is part of Bitdeer's strategy to raise capital for data center expansion, AI cloud growth, and mining hardware development amid declining mining profitability.
This liquidation occurred after Bitdeer announced a $300 million convertible bond offering, which will be used to refinance debt, expand data centers, and develop AI capabilities.
The company's shares fell 17% after the announcement, reflecting investor concerns about liquidity and funding strategy.
Bitdeer's decision to sell its entire Bitcoin reserve is unusual, as mining companies typically maintain cash balances to keep exposure to Bitcoin price appreciation.
This move highlights the challenges faced by Bitcoin miners due to increasing difficulty and declining revenue. #BTC
