Bitdeer Technologies has completely emptied its corporate bitcoin treasury, reporting zero BTC holdings as of February 20, 2026. According to a weekly production update posted by the company on X (formerly Twitter) on Saturday, the Nasdaq-listed miner (ticker: BTDR) disclosed it produced 189.8 BTC during the week and sold the same amount, while also liquidating its remaining 943.1 BTC in reserves. These figures exclude customer deposits.
The disclosure marks the culmination of a steady drawdown that accelerated in recent weeks. Bitdeer held approximately 2,000 BTC at the end of 2025 and about 1,530 BTC at the end of January 2026. By February 13, its holdings had dropped to 943.1 BTC. In that week's update, the company mined 183.4 BTC and sold 179.9 BTC, largely keeping pace with production. The final week's selloff, which wiped out the entire remaining balance, represents a clear escalation in selling pressure.
The liquidation occurred just days after Bitdeer announced significant capital raises aimed at funding its strategic expansion. The company revealed a $325 million convertible notes offering and a $43.5 million equity placement, with proceeds intended for data center expansion and its pivot into artificial intelligence (AI) operations.
Bitdeer's zero-BTC position starkly contrasts with most of its publicly traded mining peers. According to BitcoinTreasuries data, Marathon Digital Holdings (MARA) maintains a treasury of roughly 53,250 BTC, while Riot Platforms holds around 18,000 BTC. MicroStrategy, the largest corporate holder, has amassed over 717,000 BTC. Even among miners that have been net sellers, fully draining reserves to zero is an unusual move.
The selloff comes amid a period of significantly tightened mining economics. The Bitcoin network difficulty surged by 14.7% in its latest adjustment, and the hashprice—a key metric of mining revenue—has fallen below $30 per petahash per second per day (PH/s/day). Bitdeer's own financials reflect this pressure, with its gross margin slipping to 4.7% in the fourth quarter of 2025, down from 7.4% a year earlier.
The company has not clarified whether the zero-BTC position represents a permanent shift in its treasury strategy or a temporary cash need tied to its ongoing capital raises. Bitdeer did not immediately respond to a request for comment on the matter.
In a separate development, Bitdeer is also facing a securities class-action lawsuit in the Southern District of New York. The lawsuit alleges the company made misrepresentations regarding the timeline for its proprietary SEAL04 mining chip.
