Hong Kong-listed DL Holdings (01709.HK) disclosed its latest digital asset moves, having sold a cumulative 172 Bitcoin over the two months from September 3 to November 2 at an average price of about $80,077 each, raising roughly $13.77 million (about NT$450 million).
According to the announcement, DL Holdings' total Bitcoin output during the period was 110.241, equivalent to average daily production of about 1.807, with an average actual hash rate (on a pool basis) of about 3.85 EH/s; the single-day hash rate peaked at 4.29 EH/s during the period. The opening balance on September 3 was 101.228 Bitcoin, and after adding new output and deducting the 172 sold, holdings had fallen to 39.469 Bitcoin as of November 2.
Notably, output during the period was significantly lower than sales, meaning the company drew on both inventory and new mining output to fund the disposals, with its coin holdings rapidly shrinking from more than 100 to fewer than 40.
Mining Fleet Scale and Output Guidance
DL Holdings currently deploys 9,695 Bitcoin mining machines with a total hash rate of about 4.23 EH/s. Based on internal estimates and current network conditions, the indicative combined daily output of this equipment is about 1.80 Bitcoin, broadly in line with recent actual average daily production.
The company also issued output guidance for the remaining period through December 31 this year, expecting Bitcoin mining activity to generate another 100 to 110 Bitcoin, while stressing that actual figures will depend on network difficulty, Bitcoin prices, equipment uptime and other operating conditions.
Note: The figures above are taken from DL Holdings' announcement; hash rates are calculated on a pool basis; output estimates for the remaining period depend on network difficulty, coin prices and operating conditions.
Selling Pace and Market Implications
By the numbers, DL Holdings sold 172 Bitcoin in two months, far exceeding its mining output of 110.241 over the same period, indicating the company was not simply disposing of new output but actively reducing its overall coin position. At an average price of about $80,077 each (about NT$2.6 million), the disposals came at a relatively high point in the market, providing a direct boost to the company's cash flow.
For a listed company that lists mining as a business segment, such disclosures also allow investors to examine the efficiency of its "mine—hold—monetize" cycle. With the current scale of 9,695 mining machines and 4.23 EH/s, and daily output of about 1.8 Bitcoin, the company's capacity under prevailing network difficulty appears largely set; the trajectory of coin prices and adjustments in network difficulty will directly affect whether it can meet its output target of 100 to 110 Bitcoin for the remainder of the year.
What market watchers are focused on is whether DL Holdings, after reducing its holdings to 39.469 Bitcoin, will slow the pace of sales to retain its position if coin prices remain strong, or maintain its established monetization cadence. Judging from the company's proactive disclosure of output estimates for the remaining period, management clearly wants to give the outside world a clearer grasp of the predictability of its mining business.
Overall, the announcement reveals the cash-scheduling choices of a mid-sized miner at a time of high coin prices: relying on steady output as a foundation, locking in gains through spot sales, while pushing down inventory levels to reduce exposure to price volatility. What is worth tracking going forward is whether the company's actual output before year-end comes close to guidance, and whether its coin holdings shrink further.
