BITDEER MINED 274.6 BTC LAST WEEK AND SOLD ALL OF IT — ZERO-TREASURY STANCE. THE ANTI-STRATEGY MODEL RUNS QUIETLY.

Nasdaq-listed Bitcoin miner Bitdeer (BTDR) announced on X that it mined 274.6 Bitcoin during the past week and sold the entire output. Zero-treasury stance. Every coin mined gets converted to cash. The Capitalist read is the model contrast. Strategy accumulates every BTC and never sells — the treasury holds all production. Bitdeer runs the exact opposite playbook: mine, sell, keep operating cash flow, no exposure to price volatility. Both are public Bitcoin miners. Both trade in the same category on Nasdaq. But their financial engineering couldn't be more different. Strategy is a leveraged Bitcoin proxy. Bitdeer is a pure mining operator. The market has to price them differently — and often doesn't. Investors who want exposure to Bitcoin price should not confuse them with each other. The zero-treasury model runs quieter, but it may be the model that survives a longer bear market.