Nasdaq-listed Bitcoin mining companies Cango and Bitdeer have unveiled sharply different treasury strategies in their latest operational updates, highlighting a growing divergence in how public miners manage mined Bitcoin.
Cango reports 230 BTC mined in April with a growing treasury. The Shanghai-headquartered firm disclosed that it mined 230.04 BTC in April at an average cost of $68,061 per Bitcoin, a figure covering electricity, hosting and operational expenses. With Bitcoin trading well above that level during the month, Cango’s operations remained profitable. As of April 30, the company held 1,057.46 BTC on its balance sheet, accumulated entirely through retained production rather than secondary market purchases. The company emphasized that this approach serves as a store of value and a hedge against fiat currency depreciation, positioning it among mid-tier public miners with significant Bitcoin reserves.
Bitdeer sells all 193.8 BTC mined this week, maintaining a zero-treasury stance since February. In contrast, Bitdeer once again sold its entire weekly output of 193.8 BTC, confirming that no Bitcoin is held on its balance sheet. The company has pursued this strategy consistently since February, prioritizing immediate cash flow to fund operations, expand mining infrastructure and manage debt. This approach sets Bitdeer apart from peers like MicroStrategy and Marathon Digital Holdings, which are known for accumulating large Bitcoin treasuries.
Implications for the mining sector and Bitcoin supply. The diverging paths come amid the post-April 2024 halving environment, where reduced block rewards pressure margins. Cango’s cost of $68,061 per coin is competitive, reflecting an efficient fleet and access to favorable power rates, enabling it to hold coins profitably. Bitdeer’s consistent selling, while modest relative to daily trading volumes, adds a small but predictable source of supply to the market. Analysts view Bitdeer’s strategy as a pragmatic response to its specific capital structure rather than a bearish signal on Bitcoin’s long-term price.
These updates illustrate the spectrum of financial discipline in the mining industry: Cango bets on long-term appreciation and retains Bitcoin, while Bitdeer focuses on short-term liquidity and operational stability. For investors, the reports provide transparency into operational health and treasury management in a sector where such decisions can influence market dynamics.
