Recently, I noticed a bold move by Bitdeer — the company completely wiped out its Bitcoin holdings, reducing from 943 BTC to zero in one go. They sold all newly mined production (189.8 BTC) as well as old reserves. Usually, mining companies retain some Bitcoin, but Bitdeer seems to be changing its strategy entirely. It’s unclear whether this is a permanent move or just temporary.

What’s interesting is that while selling all their Bitcoin, Bitdeer is expanding their mining operations very aggressively. Their self-managed hashrate has now surpassed Marathon Digital, making them the largest publicly traded mining company by capacity. Instead of selling equipment to customers, they’ve shifted many devices into their own operations. This move makes sense after the 2024 Bitcoin Halving, as profit margins are tightening.

Financially, Bitdeer recently raised $300 million through convertible bonds and $43.7 million through equity financing. They have $149.4 million in cash on hand. At an exchange rate of $135 USD to VND, this amounts to roughly 3.4 billion VND, which is quite substantial. Their stock has fallen over 40% this year, but now they are clearly shifting strategy — focusing on mining rather than holding Bitcoin.