Bitdeer Liquidates Entire Bitcoin Treasury, Shifts Focus Toward AI Infrastructure

What Happened

In a February 20, 2026 update, Bitdeer disclosed it sold all of its “pure” Bitcoin holdings, excluding customer deposits. During the week, the company mined 189.8 BTC but sold the entire output. It also liquidated an additional 943.1 BTC from reserves.

The move completes a rapid unwind. Bitdeer held roughly 2,000 BTC at the end of 2025. That figure declined steadily through January and February before reaching zero.

In January alone, the company produced 668 BTC but sold 1,155 BTC, continuing a pattern of selling more than it mined. At current Bitcoin prices near $68,000, the final 943.1 BTC sale represented roughly $64 million in value.

Why This Matters

For investors, the liquidation marks a sharp break from the treasury model many miners follow. Companies such as MARA Holdings often retain mined Bitcoin as a strategic reserve. Bitdeer instead chose liquidity.

The timing reflects margin pressure. Hashprice has fallen below $30 per petahash per second as network difficulty rose nearly 15% in a single adjustment. Higher competition and lower block rewards have squeezed profitability across the sector.

Bitdeer is redirecting capital. The company recently priced a $43.7 million share offering and expanded a $325 million convertible note placement. Management plans to refinance existing debt and accelerate expansion into AI cloud services, high-performance computing, and data-center colocation.

CEO Jihan Wu stated that holding zero Bitcoin now does not preclude rebuilding reserves later. The shift provides short-term flexibility during a capital-intensive transition.

Market or Ecosystem Context

Bitdeer operates mining facilities across North America, Europe, and Asia. It recently reported a self-mining hashrate of 63.2 EH/s and total managed hashrate of 78.1 EH/s, making it one of the largest public operators.

The company is deploying proprietary SEALMINER rigs and expanding into GPU infrastructure, including NVIDIA GB200 systems in Malaysia. Fourth-quarter revenue rose sharply year over year, driven by higher hashrate.

Across the industry, miners face a strategic crossroads. Some continue accumulating Bitcoin as a long-term hedge. Others are diversifying into AI hosting and compute services to offset mining volatility.

Bitdeer’s decision makes it the largest public self-miner with no Bitcoin holdings. Whether peers follow will depend on sustained hashprice trends and capital market conditions.