Company That Sold All Its Bitcoins (BTC) Releases Statement! Why Did They Sell?

Bitdeer, the cryptocurrency mining company that announced it sold all of its Bitcoin holdings over the weekend, has issued a statement.

Bitdeer, the Bitcoin ($BTC) mining company founded by Jihan Wu, one of the founders of Bitmain, announced that it sold all of its $BTC holdings as of February 20th.

While this situation has caused concerns in the market, Jihan Wu and Bitdeer stated in their announcements that investors and the industry should not be worried.

Wu stated that the company’s zero Bitcoin balance is not permanent and that the decision to sell does not mean the $BTC balance will always be zero in the future.

Bitdeer stated in a press release that the company will be making growth-oriented land acquisitions and that the sales are for the purpose of raising cash.

The company also added that it will continue Bitcoin mining.

“Our decision to sell Bitcoin should not be a cause for concern for the wider market.”

We are currently evaluating non-binding, fortified land acquisition opportunities and believe that now is a prudent approach to prepare liquidity.

Our hash rate will continue to increase, and we will continue mining more Bitcoin in the best interests of our shareholders.”

According to BitcoinTreasuries data, Bitdeer’s zero $BTC balance sets it apart from other publicly traded companies. MARA Holdings holds approximately 53,250 $BTC, while Riot Platforms reports having around 18,000 $BTC. Strategy, the largest institutional Bitcoin holder, has over 717,000 $BTC.

*This is not investment advice.