Bitdeer Technologies Group sells all 283.4 BTC in weekly tally
Proprietary bitcoin holdings remained at zero as of Oct. 23, while the update omitted sale prices and cash proceeds.
Julian Okafor
Selling an entire week's bitcoin production converts new output into sales rather than a larger proprietary coin reserve. Bitdeer Technologies Group NASDAQBTDR, the Singapore-based bitcoin miner and AI infrastructure operator, reported on Saturday that it produced and sold 283.4 BTC in its weekly tally dated Oct. 23.
The update put proprietary holdings and net bitcoin additions at zero, excluding customer deposits from the holdings measure. It disclosed neither sale prices nor dollar proceeds, so the tally establishes how many coins were sold without establishing the cash available after operating expenses.
Bitdeer shares closed at US$6.96, down 4.40 per cent, on Nasdaq on Oct. 23, according to Google Finance's NASDAQBTDR quote as of 4 p.m. EDT. That close preceded the Oct. 24 post and therefore cannot represent a market reaction to the newly disclosed tally.
The company calls the report a weekly update and gives an Oct. 23 as-of date, but does not identify the period's starting date. The figures are a company-reported weekly tally, rather than a documented accounting of a specified seven-day interval.
Weekly Sales Leave Holdings At Zero
Bitdeer's earlier weekly post dated Oct. 9 reported production and sales of 300.6 BTC apiece, also with zero proprietary holdings. The latest reported output is lower than that earlier tally, but the dates are two weeks apart and do not establish a consecutive-week comparison.
Mugglehead's earlier account of the October sales described the same absence of retained coins. The new fact is another reported period in which sales matched production, rather than a newly announced change in treasury policy.
Read more: Bitdeer Technologies Group sells all 300.6 BTC in weekly update
The zero balance is narrower than a statement that Bitdeer controls no bitcoin for anyone. Customer deposits are expressly excluded, and the Oct. 23 post gives no customer-deposit balance. It also provides no breakdown of buyers, settlement arrangements or the use of sale proceeds.
Quarterly Costs Exceeded Mining Revenue
Bitdeer's Aug. 10 financial release provides a cost comparison that the weekly post lacks. For the quarter ended June 30, self-mining generated US$168.4 million of revenue against US$171.0 million of cost of revenue. Those historical figures cannot establish the margin on October's sales.
The quarterly self-mining costs included US$84.7 million of electricity expenses and US$79.8 million of depreciation and share-based compensation. Because the cost figure includes depreciation, it cannot be treated as a cash payment total or subtracted from the weekly coin sales to estimate cash flow.
The same June-quarter accounts recorded US$25.0 million of co-mining revenue against US$28.8 million of related costs. Bitdeer reports that activity separately from self-mining, so the self-mining cost figure does not cover every coin-producing operation. The Oct. 23 post supplies no split between those activities.
At the group level, Bitdeer reported US$496.3 million of cash, cash equivalents and restricted cash at June 30. That balance predates the weekly update and includes restricted cash; it is neither an October liquidity reading nor a measure of freely available spending money.
Bitdeer's chief financial officer Michael G. Potter described the parallel businesses in the Aug. 10 release:
"Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online."
AI Cloud generated US$14.0 million of revenue in the June quarter, against US$16.3 million of cost of revenue. The weekly bitcoin post does not identify any amount of its proceeds as funding that business.
Miners Report Different Treasury Positions
CleanSpark, Inc. NASDAQCLSK, the U.S. bitcoin miner and data-centre developer, reported on Oct. 9 that it held 13,530 bitcoin at Sept. 30. Of that total, 3,475 were posted as collateral or recorded as receivables related to derivatives.
CleanSpark's balance is therefore not wholly an unencumbered coin reserve, and its monthly reporting period differs from Bitdeer's weekly tally. Its shares closed at US$7.88 on Nasdaq on Oct. 23, according to Google Finance's NASDAQCLSK quote as of 4 p.m. EDT.
Bitdeer's September operations report, released Oct. 19, put monthly production at 1,355 bitcoin, including self-mining and co-mining. The company defines co-mining as its own rigs operating in third-party data centres. The weekly tally supplies no breakdown between that activity and rigs at its own sites.
The September report also said infrastructure disclosures would move to quarterly reporting alongside earnings. The weekly post supplies no corresponding fleet-cost or construction-spending update.
The next seven-day check would fall on Oct. 30 if Bitdeer maintains the weekly cadence. The Oct. 24 post does not promise that reporting date; another tally would test whether sales again match production and proprietary holdings remain at zero.
