Bitdeer Shares Climb Despite Selling Bitcoin Holdings

Shares in Bitdeer Technologies Group (NASDAQ: BTDR) rose in after-hours trading on Tuesday, despite the company selling a significant portion of its Bitcoin holdings. As of 9 January, Bitdeer had reduced its reserves by 99.1 BTC on a net basis, bringing its total holdings to approximately 1,990.9 BTC.

The Singapore-headquartered firm, which operates major Bitcoin mining sites in Texas and Norway, disclosed that it mined 137.9 BTC during the week but sold a similar amount. While such sales can sometimes dampen investor sentiment in Bitcoin-focused firms, Bitdeer’s stock price climbed roughly 2% after market close.

Several factors may be driving the positive price action. Firstly, analysts and market participants have highlighted Bitdeer’s expansion in the United States, including its infrastructure build-out in Ohio, as a potentially strong positioning move ahead of the 2024 U.S. elections and any forthcoming regulatory clarity. Additionally, speculation around the creation of leveraged exchange-traded funds (ETFs) focused on crypto miners, including Bitdeer, may be drawing short-term investor interest.

Bitdeer’s recent financial reports show a mixed performance. In Q3 2025, the company posted a 174% increase in revenue year-on-year, buoyed by its self-mining operations. However, profitability remained elusive, and some investors have voiced concerns about Bitdeer’s diversification strategy, particularly its entry into AI cloud services.

In a competitive mining landscape where firms like IREN and Marathon Digital are making strategic gains, Bitdeer’s stock has underperformed over the past year. Still, the latest market reaction suggests that investors may now be valuing broader strategic moves and operational momentum over the strict accumulation of Bitcoin reserves.

As the halving approaches and miner margins tighten, companies like Bitdeer are under pressure to optimise costs, scale efficiently, and articulate a compelling forward-looking narrative. In this context, modest BTC sales may be viewed as tactical, rather than bearish.