Bitcoin Miner Dumps Entire BTC Treasury as It Pivots to AI and HPC

Bitcoin mining firm Bitdeer Technologies Group (NASDAQ: BTDR) has fully liquidated its corporate Bitcoin treasury, reducing its pure holdings to 0 BTC, according to its latest weekly operational update released on February 21, 2026.

The move follows a series of reserve reductions throughout February and signals a decisive shift in strategy as the company reallocates capital toward artificial intelligence (AI) and high-performance computing (HPC) infrastructure.

Treasury Fully Cleared in February

Bitdeer confirmed that it sold 943.1 BTC from its existing reserves during the week. In addition, the company mined 189.8 BTC for the week ending February 20 and immediately sold the full amount.

As a result, and excluding customer deposits, Bitdeer now holds zero Bitcoin on its corporate balance sheet.

Internal data from February shows a sharp decline in holdings over three reporting periods, moving from over 1,000 BTC at the start of the month to zero by February 20.

For a major mining company, this complete liquidation is highly unusual. Many publicly listed miners maintain a “HODL” treasury strategy to preserve upside exposure to Bitcoin price appreciation.

Strategic Shift Toward AI and HPC

The liquidation aligns with Bitdeer’s broader pivot into AI and HPC services. On February 20, 2026, the company priced an upsized $325 million debt offering to fund expansion in these segments.

At the same time, Bitdeer has been aggressively deploying its proprietary SEALMINER rigs. The company reported that production from these machines increased 430% year-over-year in January, while older and less efficient hardware is being phased out.

Rather than operating as a Bitcoin proxy with balance sheet exposure, Bitdeer appears to be positioning itself as a diversified infrastructure provider.

Market Reaction and Investor Concerns

The strategic shift has not gone unnoticed by markets. Bitdeer shares fell 17% to a 10-month low earlier in the week following the announcement of a $300 million convertible note offering.

The decline reflects investor concerns over potential dilution, leverage, and the speed of the company’s transition away from a traditional mining treasury model.

By holding zero BTC, Bitdeer eliminates direct balance sheet volatility tied to Bitcoin price swings. However, it also forfeits any upside participation from stored reserves.

Whether this move represents a one-off corporate decision or the start of a broader trend among mining firms will likely become clearer in the coming quarters.

The post Bitcoin Miner Dumps Entire BTC Treasury as It Pivots to AI and HPC appeared first on ETHNews.