Bitcoin mining firm Bitdeer has sold all of its corporate Bitcoin holdings, reducing its treasury balance to zero, according to the company's latest operational update. In its weekly report, Bitdeer disclosed that its "pure holdings," excluding customer deposits, have fallen to 0 Bitcoin (BTC). The report shows the company produced 189.8 BTC during the period and sold the full amount, alongside an additional 943.1 BTC liquidated from its existing treasury reserves. This brings total sales to 1,132.9 BTC.
Just one week earlier, as of February 13, Bitdeer still held 943.1 BTC in reserves. The complete liquidation is a significant departure from the industry norm, where mining firms commonly sell a portion of production to fund operational costs but maintain a treasury balance for exposure to Bitcoin's price appreciation.
The treasury liquidation coincides with a major capital raise. Bitdeer announced plans to raise $300 million through a convertible senior note offering, with an option to expand the sale by an additional $45 million (a "greenshoe" option), later upsized to a total of $325 million. The 5% interest notes are due in 2032 and can be converted into company stock, cash, or a mix of both. Net proceeds, estimated between $315.1 million and $363.7 million, will be used for data center expansion, AI cloud infrastructure development, ASIC mining hardware R&D (including SEALMINER rigs), and general corporate purposes.
Founded by former Bitmain co-founder Jihan Wu, Bitdeer reported strong Q4 2025 results with revenue of $224.8 million (up 226% year-over-year) and a net profit of $70.5 million. Its self-mining hashrate reached 55.2 EH/s. However, the post-2024 halving environment has compressed mining margins, intensifying financial pressure across the sector.
Bitdeer's strategy stands in sharp contrast to the "HODL" approach of major peers. Companies like MARA Holdings (holding approx. 53,000–55,000 BTC), Riot Platforms (~18,000 BTC), and MicroStrategy (over 700,000 BTC) maintain large Bitcoin reserves. Bitdeer's move effectively removes Bitcoin price volatility from its balance sheet, converting crypto exposure into immediate liquidity to fund its pivot towards a hybrid model combining Bitcoin production with AI and high-performance computing (HPC) revenue.
This reflects a wider industry shift. Following the 2024 halving and tighter margins, several miners, including HIVE, Hut 8, TeraWulf, and IREN, are repurposing facilities for data-center use. The industry is chasing an estimated 30 gigawatts of AI compute demand, requiring substantial upfront investment.
Market reaction was negative, with Bitdeer's shares reportedly falling sharply (around 17%) following the announcements, reflecting investor concerns over dilution and skepticism about abandoning the HODL narrative.
