Bitdeer Technologies Group sells 294.2 BTC as weekly output falls
Pure holdings remained at zero in the Oct. 16 snapshot, but the weekly post disclosed neither sale prices nor dollar proceeds.
Julian Okafor
Selling an entire week's bitcoin output leaves no new coins in a miner's pure treasury. Bitdeer Technologies Group NASDAQBTDR, the Singapore-based bitcoin mining and AI infrastructure operator, reported 294.2 BTC produced and sold in its weekly snapshot dated Oct. 16, with pure holdings still at zero.
The new production tally was 6.4 BTC below the 300.6 BTC reported as of Oct. 9, a decline of about 2.1 per cent. Sales matched output in both updates, so the latest figures extend the same pattern of selling production without adding to the disclosed pure balance.
Bitdeer shares closed at US$7.72 on Nasdaq on Oct. 16, according to Google Finance's NASDAQBTDR quote at 4:00 p.m. EDT. That close preceded the post, published at 11:50 p.m. EDT on Oct. 16, so it cannot establish a market reaction to the update.
The post supplies coin quantities rather than sale economics: it gives no realized price, dollar proceeds or operating costs for the reported period. Shareholders can identify the volume sold, but cannot calculate the cash generated after mining expenses from this update alone.
The Weekly Post Gives No Sale Price
Bitdeer calls the report a weekly update and gives Oct. 16 as its as-of date. The preceding post uses Oct. 9, establishing seven days between snapshots, although neither post specifies the exact transaction or production cutoffs within those dates.
Mugglehead's earlier report on the 300.6 BTC tally described the same zero pure balance. The new fact is lower reported output, with another week's sales equal to production; the latest post gives no explanation for the decline.
Read more: Bitdeer Technologies Group sells all 300.6 BTC in weekly update
The Oct. 16 zero explicitly excludes customer deposits. It describes Bitdeer's pure bitcoin holdings, rather than its cash balance or the value of its mining equipment, and the post does not quantify customer deposits.
The Oct. 16 disclosure does not say when payment for the 294.2 BTC sold was received. Applying a single bitcoin market price to the entire tally would introduce a sale-price assumption the company has not supplied.
Quarterly Mining Revenue Came With A Gross Loss
Bitdeer's Aug. 10 financial release provides a dated view of the economics. For the quarter ended June 30, self-mining revenue was US$168.4 million against US$171.0 million in costs of revenue. The company reported a self-mining gross loss of US$2.7 million, with figures rounded in its presentation.
For the quarter ended June 30, self-mining electricity costs were US$84.7 million, while depreciation and share-based compensation expenses were US$79.8 million. Other self-mining costs were US$6.5 million. Those categories show why a production count alone cannot establish either an accounting margin or cash left after expenses.
Group cash, cash equivalents and restricted cash totalled US$496.3 million at June 30. That historical balance includes restricted funds and is not a statement of unrestricted cash available after the October bitcoin sales.
The AI business also had costs alongside growing sales: AI Cloud revenue was US$14.0 million in the June quarter, with a gross loss of US$2.3 million. Bitdeer's chief financial officer linked its cloud expansion and mining rollout in the Aug. 10 release.
"Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online," Bitdeer chief financial officer Michael G. Potter said.
CleanSpark Disclosed A Different Treasury Position
CleanSpark, Inc. NASDAQCLSK, the U.S. bitcoin miner and data-centre developer, reported 529 bitcoin produced in September and 13,530 held at Sept. 30. Its holdings included 3,475 bitcoin posted as collateral or recorded as receivables related to derivatives, so that balance has a different definition from Bitdeer's pure holdings.
CleanSpark's Oct. 9 release reported an average US$72,928 per bitcoin sold for September, calculated using net sale proceeds plus net premiums generated. That disclosed realization measure concerns a different company and period; it cannot supply the missing price for Bitdeer's October sales.
CleanSpark shares closed at US$8.40 on Nasdaq on Oct. 16, according to Google Finance's NASDAQCLSK quote at 4:00 p.m. EDT. Its September release also said monthly operational updates would be discontinued in favour of quarterly reporting.
Bitdeer's August operations report separately targeted November 2026 service readiness for its 9.5-megawatt A102 cloud facility in Malaysia. Revenue recognition was expected to begin in the first quarter of 2027. The Oct. 16 bitcoin post assigns no sale proceeds to that project.
The Oct. 9 and Oct. 16 snapshots put the next seven-day comparison at Oct. 23 if Bitdeer maintains that cadence. Another tally would test whether output falls again and whether pure holdings remain at zero; the post announces no next publication date.
