Bitdeer (BTDR) Stock Drops as Miner Sells Entire Bitcoin Treasury to Fund AI Pivot

TLDR

• Bitdeer (BTDR) reported zero BTC on its balance sheet as of Feb. 20, down from ~2,000 BTC at year-end.
• The company liquidated its remaining 943.1 BTC reserve plus all 189.8 BTC mined that week.
• Bitcoin network difficulty surged 14.7% — the biggest jump since May 2021 — crushing mining margins.
• Bitdeer raised $325M in convertible notes to fund an AI and data center pivot.
• Despite holding no BTC, Bitdeer is now the world’s largest publicly traded self-miner at 63.2 EH/s.

Bitdeer Technologies has sold every bitcoin it owned. As of Feb. 20, the company holds zero BTC — completely wiping out a treasury that stood at roughly 2,000 BTC just eight weeks ago.

Bitdeer Technologies Group, BTDR

The company confirmed in a weekly production update on X that it sold all 189.8 BTC mined during the final week, and liquidated its remaining 943.1 BTC reserve on top of that. Customer deposits are excluded from the figures.

The drawdown happened fast. Bitdeer held around 1,530 BTC at the end of January, dropped to 943.1 BTC by Feb. 13, then sold everything that was left in a single week.

That makes Bitdeer the largest publicly traded bitcoin miner by self-managed hashrate to carry zero BTC on its balance sheet. MARA Holdings holds roughly 53,250 BTC. Riot Platforms sits on around 18,000 BTC. Strategy has accumulated over 717,000 BTC.

Mining Margins Hit a Wall

The timing lines up with a brutal stretch for mining economics. Bitcoin network difficulty jumped 14.7% in the latest adjustment — the biggest move since May 2021. That spike followed a brief relief period caused by U.S. winter storms that took domestic miners offline. Once those came back, difficulty snapped straight back up.

Hashprice fell below $30 per petahash per day, sitting just above its all-time low. Bitdeer’s gross margin dropped to 4.7% in Q4, down from 7.4% a year earlier. Operating on margins that thin makes holding a bitcoin treasury a luxury the company appears unwilling to keep.

$325M Raise and a Hard Turn Toward AI

On the same day it disclosed zero BTC holdings, Bitdeer announced a $325 million private sale of convertible senior notes, alongside a $43.5 million equity placement.

Of the proceeds, $138.2 million goes toward repurchasing its existing 5.25% convertible notes due 2029 — pushing out debt obligations and buying the company more runway. Another $29.2 million covers capped call transactions to limit shareholder dilution.

The rest is earmarked for high-performance computing, AI cloud services, proprietary ASIC chip development, and data center expansion. The note sale is expected to close Feb. 24, with an option for purchasers to add another $50 million.

Bitdeer has not stated publicly whether holding zero BTC is a permanent strategy or a short-term move tied to the capital raise.

One detail worth noting: even without a single bitcoin on its books, Bitdeer just became the largest publicly traded self-miner in the world. Its self-managed hashrate reached 63.2 EH/s, edging out Marathon Digital’s 60.4 EH/s.

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

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Source: https://blockonomi.com/bitdeer-btdr-stock-drops-as-miner-sells-entire-bitcoin-treasury-to-fund-ai-pivot/