Largest US Bitcoin miner dumps entire BTC stash as margin pressure intensifies

Bitdeer, the largest Bitcoin mining company by hashrate, has liquidated its entire Bitcoin treasury, converting approximately $68 to $79 million into operating liquidity. This move comes as the company faces margin pressure due to declining hashprice and increased difficulty, and simultaneously raised $325 million through convertible notes and a registered direct offering to fund datacenter expansion, HPC, AI, and ASIC development. The sale of its 1,132.9 BTC stash—943.1 from reserves and 189.8 newly mined—signals a shift towards prioritizing controlled funding channels and viewing Bitcoin as throughput rather than a strategic reserve. Industry analysts suggest this could be a sign of capitulation and anticipate potential consolidation within the mining sector as companies adapt to a changing landscape where miners increasingly present themselves as energy and compute businesses, diversifying into AI and HPC alongside Bitcoin mining.

(Source：CryptoSlate)