As of July 3, 2026, this Nasdaq-listed Bitcoin mining company mined another 223.1 BTC this week and sold all of it during the same period, maintaining its self-owned BTC holdings at 0 (excluding customer deposits). Relevant data was disclosed on July 4, indicating that its result of "digging and selling out" has persisted for 19 consecutive weeks. Compared to the market's habitual impression of miners "stockpiling," where leading miners like Marathon Digital and Riot Platforms are often seen as inclined to retain a certain inventory as part of their HODL strategy, Bitdeer’s approach of reducing its holdings to zero appears particularly extreme. Moreover, there is no uniform standard within the industry regarding how much BTC miners should retain as inventory. Amidst sustained high electricity, equipment, and operational costs, and in a backdrop where miners generally need to realize current outputs to cover cash expenditures, Bitdeer’s zero inventory looks more like a cash flow priority model pushed to the extreme; at the same time, blockchain data firm CryptoQuant observed a recent surge in Bitcoin and altcoin exchange deposits, which is viewed as a signal that volatility might increase. Under the combination of "digging and selling out" along with rising exchange deposits, how the selling pressure from miners resonates with future price fluctuations has become a core variable to closely monitor in the coming weeks.

Bitdeer's 19 Weeks of Selling: Extreme Zero Holdings

Under Bitdeer's disclosure criteria, "zero holdings" does not mean there are no mined outputs, but rather that the company’s self-owned BTC at the reporting point remains consistently at 0, excluding any customer deposits and only accounting for the amount of self-owned coins left on the company's balance sheet. For example, in the week ending July 3, 2026, Bitdeer produced 223.1 BTC and sold 223.1 BTC during the same period, resulting in zero self-owned BTC holdings at the latest reporting point. This model is not an isolated occurrence; starting around early March 2026, during ongoing weekly disclosures, the company's self-owned BTC holdings have consistently remained at zero for 19 weeks, corresponding to a time window of over four months that has spanned multiple market phases, indicating that "digging and selling out" has been a consistently executed operational outcome, rather than a tactical adjustment made over a few weeks.

Returning to the miners' business model, this ongoing zero inventory pushes the conventional practice of "selling coins to maintain cash flow" to the extreme. The industry consensus is that Bitcoin mining companies generally face high electricity, equipment, and operational costs and need to periodically realize parts of their outputs to cover cash expenditures. However, many leading mining firms (such as Marathon Digital and Riot Platforms) are perceived in the market to retain a certain size of self-owned BTC inventory, regarded as implementing some form of "HODL" or "stockpiling" strategy, treating BTC as a reserve asset that can be gradually accumulated on the balance sheet. In contrast, Bitdeer's disclosures over the past 19 weeks show that its self-owned outputs have not resulted in any ending inventory balance, with BTC being treated more as an immediate cash flow tool rather than a strategic asset for long-term holding. As the current public information lacks details about their specific sale prices, total revenue, and official explanations regarding the zero inventory strategy, there are no clear signals indicating whether they will shift towards stockpiling in the future. The only certainty from outside is that, throughout this entire time period, Bitdeer has opted to stand firmly on one end of the industry spectrum, prioritizing cash flow over accumulating BTC positions on its balance sheet.

Behind the "Dig and Sell": Pressure or Risk Control

From a cash flow perspective, the continuous 19-week "dig and sell out" zero holdings seem more like an extreme result of liquidity management. Bitcoin mining companies routinely need to pay electricity fees, venue costs, miner procurement and depreciation, operational costs, and labor costs, almost all of which are settled in fiat currency. The practice of "selling coins to cover current cash costs" is itself a norm in the industry. The difference lies in that, between March and July 2026, Bitdeer did not retain even a small amount of its self-owned positions, selling 223.1 BTC this week while also selling 223.1 BTC, resulting in zero self-owned holdings on July 3. This practice can be understood financially as rapidly converting mining outputs into priced currency, thereby minimizing funding gaps caused by costs, capacity expansion, or other capital expenditures, but whether this means the company is under greater cash pressure is not conclusively determined based on the existing public information.

From a risk management perspective, Bitdeer’s strategy can also be interpreted as a choice to actively reduce volatility exposure. Bitcoin prices exhibit significant historical volatility, and large inventories would mirror price curves directly on the balance sheet, amplifying both market value fluctuations and potential impairment pressure. In contrast, selling off outputs rapidly within the production cycle can minimize exposure to the scale of inventory subjected to price changes, thereby keeping financial statements focused more on "mining profit margins" rather than "inventory floating gains and losses." In an environment where CryptoQuant has observed a surge in Bitcoin and altcoin exchange deposit volumes and the market generally expects upward volatility, reducing or entirely abstaining from holding positions aligns with a more conservative risk preference. However, it is essential to emphasize that Bitdeer has yet to provide an official explanation for this zero inventory strategy, leaving the market unaware of its specific sale prices and revenues, and thus all conjectures about its motivations can only be viewed as analytical hypotheses based on general industry logic, rather than confirmations of the company's actual considerations.

Contrast with Marathon and Riot

In the same field, leading US mining companies like Marathon Digital and Riot Platforms are more commonly remembered in the market under the label of "HODL miners." They have long disclosed their self-owned BTC balances in financial reports, and public perception suggests that after covering electricity, operational, and other cash costs, they would still retain a portion of the mined coins, gradually forming an asset pool that fluctuates with Bitcoin prices. This approach results in the firms' balance sheets being highly tied to Bitcoin prices, perceived as an extension of "turning computing power into on-chain positions.”

Bitdeer’s currently disclosed status is almost a mirror image in reverse: as of July 3, 2026, its self-owned BTC holdings are 0, and it has maintained zero inventory for 19 consecutive weeks. Its output of 223.1 BTC this week matches the sales completely, reflecting the result of "dig and realizing." In comparison, the former appears to use cash flow to purchase and hold a basket of BTC, enhancing the asset side's responsiveness to price fluctuations—when prices rise, reported assets and potential equity value amplify in sync—while also accepting the valuation volatility stemming from price fluctuations in financial reports; Bitdeer, however, actively exchanged that elasticity for immediate cash flow, with revenue and cash flow primarily following current output and the prices at which they were sold, rather than the price trends in the coming months or even years. For capital markets, one model offers a mixed exposure of "equity + implied BTC positions," while the other model is closer to a "cash flow-driven enterprise," with the two strategies corresponding to entirely different risk-return combinations. Ultimately, which one is favored will largely depend on future price paths and investors' considerations of volatility versus certainty.

Miner Selling Pressure Combined with Exchange Deposits

Under the "dig and sell" model, Bitdeer’s output of 223.1 BTC this week was fully liquidated in the current period, meaning these new outputs did not form a buffer on the balance sheet but flowed directly into exchanges or over-the-counter markets, converting into tradable assets. For the spot market, such behavior marginally increases the current circulating supply, pushing parts of new output that could have been absorbed by miners’ inventories towards the buy-sell orders, thus constituting a stable source of selling from the on-chain supply side.

Simultaneously, CryptoQuant has observed a recent spike in Bitcoin and altcoin exchange deposits, which is typically interpreted as more assets being transferred from private key addresses to exchanges in preparation for trading or sale. Historical experience indicates that near extreme market conditions, on-chain transfer and exchange deposit and withdrawal data often exhibit structural changes, becoming high-frequency signals of sentiment and risk appetite. In this context, Bitdeer’s single-week volume of 223.1 BTC, compared to the average daily output across the network and the spot transaction volumes of mainstream platforms, constitutes a small fraction that is unlikely to significantly sway price directions independently. Still, its representation of the preference for "digging and selling" combined with increased exchange deposits suggests that both supply-side and potential selling pressures are changing in the same direction, and this combined change itself carries signal value for market observation and pricing.

Will "Digging and Selling" Become the New Normal in the Industry?

Returning to the most straightforward fact: as of July 3, 2026, Bitdeer has maintained its self-owned BTC holdings at 0 for 19 consecutive weeks, with this week’s 223.1 BTC entirely sold, creating a stable result of "digging = selling," yet there has been no accompanying disclosure of any sale prices, cumulative revenues, or future stockpiling plans. At the industry level, this extreme zero inventory strategy firstly pulls mining companies back from the "price beta + asset appreciation story" to the old path of "cash flow machines," shifting the valuation anchor from on-paper BTC positions toward capacity, costs, and financing constraints, forcing investors to redefine the relationships between mining stocks and Bitcoin spot, mining companies and pure mining concept stocks; on the other hand, it reminds the market that there is no uniform standard of "how much BTC should be held for health" in the industry, with Bitdeer choosing to sell all, while Marathon Digital and Riot Platforms opt for a more HODL approach, essentially projecting their respective balance sheet structures, financing environments, and risk preferences. To assess whether "digging and selling" will evolve from Bitdeer’s case into a new normal for the industry, future key observational dimensions include: whether more mining companies disclose noticeably declining BTC holdings curves in quarterly reports, whether management discussions and analysis sections weaken the language around "long-term holding," whether on-chain monitoring agencies continue to see increased miner outflows and exchange deposits, and whether traditional stockpiling miners converge strategies. Especially in the absence of Bitdeer’s official motive explanation, elevating a single company’s continuous 19 weeks of zero holdings to an "industry paradigm shift" would be an over-interpretation; a more robust approach is to closely monitor verifiable disclosure data and on-chain flows, treating Bitdeer as an important sample rather than a template for preconceived conclusions.

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