Bitdeer printed 2,694 BTC but its treasury went full ghost mode 👻

Bitdeer mined 2,694 Bitcoin during the second quarter of 2026, up nearly fivefold from 565 BTC a year earlier, according to the company's Q2 report published Monday. The miner closed the quarter with 150 BTC held on its balance sheet, down 90% from 1,502 BTC a year earlier. Bitdeer liquidated its entire 943 BTC treasury in February, citing liquidity decisions rather than a shift away from its core Bitcoin mining business.

Bitdeer reported $228.8 million in Q2 revenue, up 47% from $155.6 million a year earlier, slightly surpassing Wall Street's $225 million consensus estimate compiled by Yahoo Finance. Self-mining revenue accounted for $168.4 million of the total as average self-mining hashrate jumped 389% to 69.5 exahashes per second. Net loss widened to $92.3 million from $62.9 million. The company's shares rose 1.5% in premarket trading on Monday, following a 15% decline over the past month.

The miner is among Bitcoin mining companies that have expanded into AI data centers and high-performance computing. In August, Bitdeer signed a 16-year lease valued at $4.7 billion for 121 megawatts of AI computing capacity in Norway. The company framed the Norway lease as part of a broader pivot toward AI infrastructure while continuing self-mining operations.

Bitdeer's Q2 results highlighted the tension between rising production and shrinking BTC holdings, with output scaling even as the balance sheet figure fell to a fraction of its prior level. The company did not provide forward guidance for self-mining hashrate or BTC reserves in the report.