Bitcoin draws focus as Bitdeer reports zero BTC as of Feb 20

No, Bitdeer CEO says sell-off isn’t abandoning Bitcoin

Bitdeer Technologies Group (NASDAQ: BTDR) said recent Bitcoin  BTC -1.03% sales do not signal a retreat from the asset, according to CEO Linghui (Matt) Kong. The company framed the activity as routine treasury management.

As reported by ForkLog, the miner produced 189.9 BTC over the past week. As of Feb. 20, the company had zero bitcoins on its balance sheet.

What changed for Bitdeer (BTDR): production, holdings, implications

The immediate change is treasury mix, not hashpower. Converting new output into cash left no on-balance BTC while weekly production continued.

For equity holders, that mix favors liquidity and reduces price risk on inventory. It does not preclude future accumulation if conditions change.

Analyst commentary has framed recent drawdowns as expectation-driven rather than operational deterioration. “The recent sell-off appeared to reflect lofty investor expectations rather than any deterioration in the underlying business,” said Mark Palmer, analyst at Benchmark, as reported by The Block.

At the time of this writing, Bitcoin traded near $67,612, with very high 11.37% volatility and an RSI around 38.6. That backdrop can influence miners’ short-term treasury choices.

How miner treasury strategy shapes sell decisions and sentiment

Operational reasons miners sell: working capital and risk controls

Miners typically sell to fund power, payroll, and maintenance, match fiat-denominated obligations, and de-risk inventories into volatile markets. Risk controls include converting a portion of weekly production, using hedges, and timing sales around liquidity windows.

VanEck has noted pressure on miner margins, elevating the importance of cash flow discipline. In that context, periodic distribution of newly mined coins can be consistent with prudent treasury operations.

Investor signals: weekly production, on-balance BTC, profitability commentary

Weekly BTC produced, end-period coins on balance sheet, and management profitability commentary are the primary signals investors monitor. Those datapoints inform views on cost coverage and capital allocation.

In the latest update, 189.9 BTC of output alongside zero retained coins clearly prioritizes liquidity this week. Investors often map such disclosures to realized pricing, power costs, and near-term risk tolerance.