Bitdeer Sells Full 293.2 BTC Weekly Output, Bitcoin Holdings Stay at Zero

Bitdeer's Zero-Bitcoin Treasury Policy

Bitdeer converted its entire weekly crypto mining output into cash, disclosing via X that it mined and sold 293.2 Bitcoin (BTC) each in the week ended September 11. The Nasdaq-listed miner's post put both its net position change and current holdings at exactly 0 BTC, extending a treasury policy that leaves nothing on the balance sheet. The disclosure arrived without a stated rationale: the company did not explain why it liquidates every coin it produces or where the proceeds go, leaving the market to read intent from the numbers alone. Our reading of the weekly cadence — production, sales and holdings published side by side — points to a deliberately disciplined cash-conversion model, one that treats proof of work rewards as revenue to be realized rather than a long-term HODL position to accumulate. For a miner of Bitdeer's scale, selling 293.2 BTC in a single week is a measurable supply tap on the open market, and because it repeats every week, the flow is worth tracking alongside ETF demand and holder behavior.

The all-sell approach is not new. Bitdeer reduced its Bitcoin treasury to zero as of February 20 and has liquidated its full mined output every week since. The comparable week before this one, ended August 14, showed an identical pattern: 263.4 BTC mined, 263.4 BTC sold, holdings unchanged at zero. That sets the company apart from peers that have embraced on-balance-sheet accumulation, at times framing corporate reserves as a form of strategic Bitcoin reserve. Institutional appetite for coins held on balance sheets has been a visible theme this year — a recent Bitwise survey found 60% of wealth advisors planning a crypto allocation, with Bitcoin in focus — which makes Bitdeer's refusal to hold anything beyond working capital a contrarian stance. Whether that costs shareholders upside or shields them from drawdowns depends on where the cycle sits when read through tools like the Bitcoin Rainbow Chart; the company itself has offered no reasoning, and investors are left to interpret the bare figures.

Liquid Network Peg-Outs Still Halted

While one miner drains its treasury by choice, a different supply problem is playing out on the Liquid Network, the federated sidechain where L-BTC — a federation-issued wrapped Bitcoin asset — is supposed to be redeemable 1:1 against reserves. Trading platform SideSwap reopened all of its markets on September 10 after block production on the network resumed, but the peg-out mechanism that converts L-BTC back into native BTC remains suspended. On-chain data as of that date shows 4,229 L-BTC outstanding against 3,601 BTC in federation reserves — coverage of roughly 85%, a shortfall of about 627 BTC. SideSwap's own snapshot at a separate point the same day put the figures at 4,205 and 3,597, or roughly 85.5% coverage. With peg-outs frozen, the arbitrage that would normally close any discount — buy cheap L-BTC, redeem for BTC — cannot function, so price recovery toward par signals hope rather than proof of backing. Elements has released version 23.3.4 with a hardened proof-cache for pools, Blockstream says it has applied the required node updates, and CEO Adam Back has pointed to 1:1 peg coverage, though no funding source or timeline has been disclosed. Readers tracking the market in real time can follow live spot and futures prices on Binance.

Zero Holdings, Frozen Peg, Two Open Questions

The two stories are mirrors. Bitdeer is returning every coin it mines to the market by choice; the Liquid Federation cannot return roughly 627 BTC worth of pegged supply by circumstance. Both test the same thing — whether holders trust mined or pegged Bitcoin to be there when they want it. The load-bearing primary record here is the company's own weekly disclosure, which states plainly that mined volume, sold volume, net change and holdings each stand at their published figures, with zero as the bottom line. What it does not state matters just as much: no use of proceeds, no accumulation trigger, no conditions under which the policy might change. Until Bitdeer gives a reason to hold or the federation announces a peg-out restart date, COINOTAG treats both flows as unfinished events rather than settled facts.