Bitdeer bitcoin sale marks strategic pivot from hoarding BTC to funding AI and infrastructure

In a move that could reshape miner treasury norms, Bitdeer bitcoin sale proceeds are being redirected to an aggressive build-out of digital infrastructure and AI capacity.

Bitdeer liquidates BTC treasury to zero

Bitdeer (BTDR), the Singapore-based bitcoin mining and AI infrastructure firm, has cut its bitcoin treasury balance to zero, signaling a decisive strategic shift. As of Feb. 20, 2026, the company reported BTC holdings of zero, excluding customer deposits, according to its latest weekly update.

During the reference period, Bitdeer produced 189.8 BTC and sold the entire amount, turning all fresh output into cash rather than adding to reserves. This approach contrasts sharply with the traditional miner model of stockpiling coins as a show of long-term conviction, exemplified by companies like Strategy (MSTR). However, Bitdeer is prioritizing balance-sheet flexibility and growth investments over a hoarding strategy.

The company stressed that the decision to dispose of its BTC holdings should not be viewed as a bearish signal for the broader market. Instead, Bitdeer said it is actively evaluating several powered land acquisitions and considers it prudent to lock in liquidity now. Moreover, management reiterated that it intends to continue expanding hash rate and mining more bitcoin for shareholders.

Hash rate growth and mining operations remain robust

Despite the complete liquidation of its bitcoin treasury, Bitdeer continues to scale its core mining operations. In January, the company mined 668 bitcoin, an increase of 430% year over year, underscoring the rapid expansion of its fleet. Over the same period, Bitdeer lifted its self-mining hash rate to 63.2 exahashes per second (EH/s).

Including all proprietary computing power, Bitdeer reported a total hash rate of 65.1 EH/s, putting it among the more aggressive growth stories in the listed miner universe. That said, the firm is clearly signaling that sheer hash rate is only one part of a broader hash rate growth strategy that now extends into advanced compute services. This dual focus is increasingly common as miners seek diversified revenue sources beyond pure block rewards.

Acceleration into AI data centers and HPC

Bitdeer is moving quickly to reposition itself as a broader digital infrastructure and AI player. The company is rolling out NVIDIA GB200 NVL72 systems in Malaysia, a significant step in building high-end GPU clusters. At the same time, it is advancing conversions of several sites in the U.S. and Europe from traditional crypto mining facilities into AI data centers.

AI expansion is substantially more capital intensive than incremental bitcoin mining buildouts. Large-scale GPU deployments and data center upgrades require hefty upfront investment in power, cooling and networking. However, management argues that the shift toward AI and high-performance computing (HPC) can deliver more stable, contracted revenue streams than those tied solely to bitcoin price cycles and halvings.

To fund this next phase of infrastructure and ai data centers expansion, Bitdeer recently priced a $325 million convertible notes offering alongside a $43.5 million equity raise. Proceeds are earmarked for data center growth, HPC and AI cloud services, and continued ASIC development. Moreover, the company aims to be valued less as a leveraged bitcoin proxy and more as a diversified digital infrastructure platform.

Capital strategy and sector-wide implications

The latest bitdeer bitcoin sale underscores how miners are rethinking capital allocation in a market where hardware, power access and advanced compute capabilities matter as much as coin holdings. Instead of treating mined BTC as a long-term treasury asset, Bitdeer is using every coin produced to build liquidity and finance expansion. This framework emphasizes cash generation, infrastructure build-out and contract-backed services.

Unlike pure bitcoin mining, which remains tightly linked to price cycles, difficulty adjustments and halving events, AI and HPC contracts can offer more predictable, recurring income. That said, the pivot also raises execution risks, given the complexity of building and operating GPU-dense facilities at scale. However, if successful, Bitdeer could secure a higher valuation multiple by aligning itself with secular AI demand rather than solely with commodity-like mining economics.

Peers follow the same diversification path

Bitdeer is not alone in this pivot. Riot Platforms (RIOT) recently sold $200 million worth of bitcoin to fund operations and AI-related expansion, highlighting a parallel shift in capital priorities. Meanwhile, Bitfarms (BITF) is distancing itself from its former “bitcoin company” identity and has doubled down on AI initiatives in the U.S.. Moreover, MARA Holdings (MARA) is expanding into HPC and AI via a planned 64% stake in France-based Exaion.

These moves suggest a sector-wide re-rating effort, as miners seek to be viewed as digital infrastructure and AI compute providers rather than narrow, leveraged bets on BTC. However, the extent to which public-market investors reward this transition remains to be seen, especially if bitcoin price volatility persists. Even so, the convergence of mining and AI infrastructure is becoming a defining theme in the industry.

Market reaction and outlook

In early trading, investor response has been muted. Bitdeer shares are down 1% in pre-market, changing hands at $7.70 per share. The modest move suggests markets had already priced in a more aggressive infrastructure and AI posture, or are waiting for clearer financial metrics from the new business lines.

Looking ahead, Bitdeer must balance continued bitcoin production with capital-heavy AI deployments and potential convertible notes offering dilution. However, if it can execute on data center upgrades, GPU rollouts and long-term AI cloud contracts, the company could transform from a cyclical miner into a more resilient digital infrastructure operator. For now, its full exit from bitcoin holdings marks one of the clearest breaks yet with the old miner treasury playbook.

In summary, Bitdeer has sacrificed its on-balance-sheet BTC stack to prioritize liquidity, infrastructure expansion and AI growth, reflecting a broader industry shift toward diversified compute businesses.