Bitdeer Technologies liquidated its remaining Bitcoin holdings, selling 943 Bitcoin worth almost $62 million. The move aims to prepare liquidity for non-binding land acquisition opportunities. Many Bitcoin miners struggle amid rising energy costs and competition, especially with Bitcoin’s recent price plunge to a 15-month low.

Bitdeer is the largest publicly traded Bitcoin miner by hashrate, producing 63.20 exahashs per second. The firm operates data facilities in the US, Bhutan, and Norway, with a market capitalization of almost $1.5 billion. Bitdeer has pivoted to AI and high-performance computing services, announcing a $300 million convertible notes offering and a $43.5 million equity placement last week.

Bitdeer reassures investors that Bitcoin will remain a key part of its business, despite liquidating its Bitcoin holdings. The firm’s hash rate will continue to grow, mining more Bitcoin for shareholders’ interest. Bitdeer’s market capitalization is down 72% from its October all-time high, with shares not moving in pre-market trading.

Read more at Yahoo Finance: Bitdeer’s $62m Bitcoin liquidation ‘not a concern’ as miner eyes land acquisitions