Bitdeer (BTDR) Stock Drops as Miner Dumps Entire BTC Treasury Overnight

TLDR

• Bitdeer (BTDR) reported zero BTC on its balance sheet as of Feb. 20, completing a full liquidation from ~2,000 BTC at year-end.
• The company sold its remaining 943.1 BTC reserve plus all 189.8 BTC mined during the final week.
• The sell-off followed a $325 million convertible notes offering and a $43.5 million equity placement to fund AI and data center expansion.
• Bitcoin network difficulty surged 14.7% — the largest jump since May 2021 — pushing hashprice below $30 per PH/s/day.
• Despite holding no BTC, Bitdeer is now the largest publicly traded self-miner by hashrate at 63.2 EH/s.

Bitdeer Technologies has sold every bitcoin it owned. As of Feb. 20, the Nasdaq-listed miner holds zero BTC on its balance sheet — a complete liquidation from roughly 2,000 BTC at the start of the year.

The company confirmed in its weekly production update on X that it sold all 189.8 BTC it mined during the week, and on top of that, liquidated its remaining 943.1 BTC reserve. These figures exclude customer deposits.

The drawdown didn’t happen overnight. Bitdeer held around 1,530 BTC at the end of January, then 943.1 BTC by Feb. 13. The final week’s selloff wiped out everything that was left.

Bitdeer Technologies Group, BTDR

That makes Bitdeer the largest publicly traded bitcoin miner by self-managed hashrate to hold absolutely nothing in its bitcoin treasury. For context, MARA Holdings holds roughly 53,250 BTC. Riot Platforms sits on around 18,000 BTC. Strategy, the biggest corporate holder of all, has accumulated over 717,000 BTC.

So why sell it all?

Margins Are Getting Crushed

Mining economics have turned ugly. Bitcoin network difficulty jumped 14.7% in the latest adjustment — the biggest upward move since May 2021. That spike came after a temporary relief period caused by U.S. winter storms that knocked domestic mining fleets offline. Once those came back online, difficulty snapped back hard.

Hashprice, the key profitability metric for miners, fell below $30 per petahash per day. That puts it dangerously close to its all-time low.

Bitdeer’s own numbers tell the same story. Gross margin fell to 4.7% in Q4, down from 7.4% a year earlier. That’s a thin margin to operate on, let alone build a treasury with.

The company has not publicly stated whether holding zero BTC is a permanent strategy or a short-term cash move tied to its capital raises.

Pivoting to AI

On Feb. 20 — the same day it disclosed zero BTC holdings — Bitdeer announced a $325 million private sale of convertible senior notes. A $43.5 million equity placement was also announced around the same time.

The company plans to use $138.2 million of the proceeds to repurchase its existing 5.25% convertible notes due 2029, effectively pushing out its debt obligations. Another $29.2 million goes toward capped call transactions to limit shareholder dilution if the stock price rises.

The remaining capital is earmarked for high-performance computing, AI cloud services, proprietary ASIC chip development, and data center expansion.

The convertible note sale is expected to close Feb. 24, with an option for initial purchasers to buy an additional $50 million in notes.

There’s one irony in all of this. Even as it exits its bitcoin treasury entirely, Bitdeer just surpassed Marathon Digital to become the largest publicly traded self-miner in the world. Its self-managed hashrate reached 63.2 EH/s, ahead of Marathon’s 60.4 EH/s.

Bitdeer is also facing a securities class-action lawsuit in the Southern District of New York over alleged misrepresentations about its SEAL04 chip timeline.

The post Bitdeer (BTDR) Stock Drops as Miner Dumps Entire BTC Treasury Overnight appeared first on CoinCentral.