Bitdeer's Zero Pure Holdings Raise Questions About Its Bitcoin Sales

Bitdeer Technologies Group, a Singapore-based operator of bitcoin mines and AI cloud infrastructure, has reported zero pure holdings for two consecutive weeks. The company's Oct. 3 weekly post revealed that it sold 292.3 BTC, matching the output of 292.3 BTC mined during the same period. This development comes after Bitdeer reported selling 288.4 BTC in its previous week's report.

The zero pure holdings count means that Bitdeer has no bitcoin held independently, excluding customer deposits. The company's shares were trading at $10.64 on Oct. 1, but the current price is not specified in the source. In contrast to the previous week's small excess of sales over output, this week's sales and production are equal.

The exact use of cash generated from these sales remains unclear, as Bitdeer's post does not provide details on sale prices or transaction dates. The company's financial performance has been a subject of interest, with its self-mining revenue trailing costs in the second quarter. In August, Bitdeer reported $168.4 million of self-mining revenue against $171.0 million of related cost of revenue.

Bitdeer's business model relies on customer prepayments, operating cash flow, and financing secured against contracts to fund its expansion. The company has projected over $1.7 billion in revenue from its Malaysian AI site over five years. However, the use of proceeds from the recent bitcoin sales remains unknown.