For 21 straight weeks, how much did it mine and sell—mine how much, sell how much? Bitdeer treats Bitcoin like a pipeline product: behind its zero-inventory strategy, is it caution toward the market or cashing out?

Bitcoin mining company Bitdeer has published the latest data on its Bitcoin holdings. As of the week of July 17, its Bitcoin mining output was 244.3 BTC, and it sold 244.3 BTC during the same period, resulting in a net addition of 0 BTC. Its current pure BTC holdings are still zero. Since the week of February 20, when it sold 189.8 BTC of that week’s production and its existing reserves of 943.1 BTC, Bitdeer has disclosed that its pure BTC holdings have been zero for 21 consecutive weeks. This measure does not include customer deposits and BTC pledged by the company.