Two Nasdaq-listed Bitcoin mining companies have revealed persistent selling of their mined coins, highlighting a broader trend of miners choosing immediate liquidity over accumulating reserves. BitFuFu reported mining 112 BTC in July but saw its total Bitcoin holdings shrink to 1,314 BTC by month-end, down 357 BTC from May’s 1,671 BTC. Simultaneously, Bitdeer disclosed that it mined 270.5 BTC in one week and sold the entire amount, continuing its zero BTC treasury strategy adopted in February.
BitFuFu’s declining reserves, despite steady output, suggest the company is selling more than it produces to cover operational costs or debt service. The cloud mining platform, trading as FUFU on Nasdaq, combines self-mining with hash rate contracts, and a shrinking Bitcoin balance could affect perceived upside if prices rise. On the other hand, Bitdeer’s approach is more explicit: it liquidates all newly mined BTC immediately, reducing exposure to price volatility and ensuring predictable cash flow for infrastructure and debt needs.
These moves come as Bitcoin traded between roughly $54,000 and $70,000 in July. Miner selling behavior is closely watched because it adds to daily supply. While individual volumes are modest, cumulative selling by several public miners can create short-term selling pressure, especially during periods of low liquidity. The contrasting policies – Bitdeer’s full liquidation versus firms like MicroStrategy holding – underscore a strategic divide in how mining companies value Bitcoin as a long-term asset versus a short-term revenue stream.
For investors, these reports signal a conservative, cash-flow-focused stance that may appeal in a volatile market but also limit exposure to a potential Bitcoin rally. The trend of miners offloading coins could continue weighing on market sentiment if more operators adopt similar treasury strategies.
