Bitdeer Sells All 292.3 Bitcoin (BTC) Mined in a Week, Holdings Stay at Zero

Zero Bitcoin on the Books

Bitdeer's Bitcoin (BTC) balance sheet did not move last week. The Nasdaq-listed company sold every coin from its crypto mining output for the week ended Friday, October 2, a total of 292.3 BTC, its official weekly update shows, and net additions came in at zero. Production ran at about 41.8 BTC a day. At the current Bitcoin price near $84,800, that output is worth roughly $24.8 million, an estimate at market levels rather than the actual execution prices. The market held $84K over the weekend and is up 0.2% across the last 24 hours, so the flow keeps clearing into a steady tape. For supply watchers the cadence is the point: 292.3 coins a week from a single listed miner is a modest but uninterrupted stream of sell-side flow into the Bitcoin market.

The zero position is recent rather than long-standing. At the end of 2025 the treasury still held about 2,000 Bitcoin (BTC), and the unwind ran in phases: the count slipped to 1,530 by the end of January, then to 943.1 by February 13. In the week of February 20, the company's official X post records the final step, with 189.8 newly mined coins sold alongside the remaining 943.1 from reserves, taking the balance to zero. More than seven months later, every weekly report still carries the same shape: whatever the rigs produce is converted to cash within the period. Chief communications officer Ross Gann framed the sales at the time as a liquidity decision, not an exit from the business. The company was weighing several non-binding acquisition opportunities for land that comes with power attached, he said, and wanted to preserve cash flexibility while those options were assessed. Bitdeer's own statement was blunter, arguing that its decision to sell Bitcoin should not become a worry for the broader market. In the same stretch, the company launched a convertible bond financing, adding a second lever to its funding mix.

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An operating report filed with the SEC for August shows where the cash is going: 1,310 Bitcoin (BTC) mined on 79.9 EH/s of self-mining capacity, and an AI cloud business at an annualized recurring revenue of about $86 million, up from $76 million in June, with 4,328 GPUs deployed at 92% utilization. Power and land form the second track: 200 acres bought beside the Rockdale site in Texas, which already carries 563 MW of capacity, an AI cloud pipeline of 206.5 MW, and a 16-year lease on the Tydal park in Norway worth $4.7 billion, extendable by eight years to as much as $8 billion. Tenant Volta has locked in 121 MW of Tydal's 180 MW, leaving Bitdeer 47 MW for its own use, while a 21.7 MW Malaysia lease due in the first quarter of 2027 is planned to house 128 NVIDIA GB300 systems. The quarterly report adds the financial detail. Second-quarter revenue was $228.8 million, up 47% year on year, with adjusted EBITDA of $31.1 million, up 575%. Yet gross profit was negative $8.5 million, a margin near -3.7%: adjusted EBITDA leaves out depreciation, and once the miners and GPUs are counted, the core business loses money. AI cloud revenue of $14 million grew 284% quarter on quarter, and full-year mining capital spending was cut to between $200 million and $280 million. The balance sheet carries $496 million in cash against $1.8 billion of long-term debt, so selling production into the spot market is the fastest way to fund operations, and it leaves no buffer, the opposite of a strategic Bitcoin reserve playbook or a HODL stance. In the first quarter of 2026, listed miners including MARA, CleanSpark, Riot, Cango, Core Scientific and Bitdeer sold more than 32,000 BTC combined, a record. Riot alone sold 3,778 BTC for about $289.5 million to repay bitcoin-backed loans. MARA sold over 20,000 coins in the first half, but on-chain data picked up a September 16 buyback of 1,292 BTC through FalconX at an average of $76,347, lifting holdings back to 35,577. Facing the same cash pressure, MARA is restocking while Bitdeer keeps clearing, two opposite readings of proof-of-work economics.

$86,574 Resistance in Focus

While Bitdeer keeps its treasury at zero, the largest corporate accumulator is moving the other way. Michael Saylor posted Strategy's Bitcoin holdings chart on X on October 4 with the caption "More orange than ever," hinting at further purchases. The company disclosed a September 28 buy of 1,670 BTC for $142.7 million at an average of $85,681 per coin, lifting total holdings to 847,670 BTC. That followed a September 21 purchase of 950 BTC for $75.7 million at $79,670. Strategy's blended average cost across the stack now sits near $75,440, and its stash was worth roughly $71.5 billion when Bitcoin traded close to $84,500 on September 27. Saylor has also proposed a "digital bill of rights," arguing the digital asset industry can reach $100 trillion and that banks should custody Bitcoin and lend against it.

The push is not only coming from miners. Strategy's September 28 filing shows it sold 1,469,165 MSTR shares that week for $246.2 million in net proceeds, directing $142.7 million into 1,665 BTC and $103.5 million into STRC preferred repurchases, with another $48.1 million of cash lifting the buyback to $151.7 million. The company ended September 27 with a $5.02 billion dollar reserve, and the filing left $18.84 billion of MSTR issuance capacity under its at-the-market program, plus unused capacity across the preferred lines. Saylor's October 4 post, which carried no purchase amount, has not yet been backed by a newer filing. On the demand side, CryptoQuant reports U.S. spot Bitcoin ETF holdings rose from about 1.20 million BTC on July 1 to roughly 1.288 million BTC by October 4, an increase near 88,000 coins while price climbed from about $59,500 to $85,000.

New StrategyTracker data puts a slightly fresher count on Strategy's stack: 847,666 BTC as of October 4, about 4.04% of total supply, valued near $72.20 billion against cumulative spending of $63.95 billion and an average cost of $75,442.45 per coin. That implies an unrealized gain above $8.25 billion, with the portfolio up 26.05% year to date on 175,169 coins added. The premium side is also quantified: MSTR trades at a 14% premium to net crypto reserves, an mNAV of 1.14, and the company's STRC, STRD, STRF and STRK preferred stack has reached $12.68 billion at fixed yields between 9.00% and 13.63%. Citigroup has raised its MSTR target to $240. The exact size of the next buy, teased by the "More orange than ever" post, will only become clear in upcoming SEC notices.

(as of 04:26 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $86,549.35 resistance at 90/100, driven by the confluence of a Flip S→R, the HVN, the MACD Cross and the Swing High; spot trades at $85,878.72, up 1.26% over 24 hours. First support at $85,042.12 scores 84/100 on the Ichimoku Tenkan, an LVN, a Flip R→S and the Fibonacci 0.114 cluster, and the full map of support and resistance levels sits in our technical analysis. RSI prints 65.95 and MACD leans bearish inside an uptrend; funding at 0.0056%, open interest of $16.64 billion and a 0.99 long/short account ratio, with 49.7% of accounts long, sketch a near-even book, while the Fear & Greed Index sits at 70, in Greed. A close above $86,549.35 opens the next leg toward $95,445.64; losing $85,042.12 would put the $83,411.67 shelf at 42/100 in play, with the secondary $81,122.03 floor at 68/100 and the deeper $77,439.00 level at 55/100. Bitdeer's own number stays put through all of it: after seven months of sell-everything discipline, the balance still reads zero.