Bitdeer Cuts BTC Reserves to Zero as AI Grows

Bitdeer has sold all of its self owned Bitcoin holdings as the mining giant pivots aggressively toward artificial intelligence infrastructure.

Key Takeaways

• Bitdeer reduced its Bitcoin treasury to zero, selling 943.1 BTC in reserves plus newly mined coins.
• The company is shifting capital toward AI and high performance computing infrastructure.
• Mining margins are tightening, with network difficulty rising 14.7 percent and Q4 gross margin falling to 4.7 percent.
• Despite selling its holdings, Bitdeer now leads public miners in self managed hashrate capacity.

What Happened?

Singapore based crypto mining firm Bitdeer has fully liquidated its corporate Bitcoin holdings, marking a sharp shift from the traditional hold strategy embraced by many of its peers. The company confirmed it sold 943.1 BTC from its reserves along with approximately 189.8 BTC mined during its most recent operational update.

The sale comes as Bitcoin trades between 65000 dollars and 68000 dollars, well below its all time high, and as mining economics become increasingly challenging.

A Clean Break From the HODL Strategy

Bitdeer’s decision stands in contrast to companies like MARA Holdings and MicroStrategy, both of which continue to treat Bitcoin as a long term treasury reserve asset.

At the start of 2026, Bitdeer held roughly 2000 BTC. By the end of January, reserves had fallen to 1530 BTC. On February 13, holdings dropped again to 943.1 BTC before being fully liquidated days later.

Importantly, the company clarified that the zero balance applies only to its corporate treasury and does not include customer deposits held on its platform.

Mining Economics Under Pressure

The move comes at a time when Bitcoin mining margins are tightening across the industry.

Recent data shows:

• Bitcoin network difficulty increased by 14.7 percent in the latest adjustment.
• Bitdeer’s gross margin declined to 4.7 percent in Q4.
• The company mined around 184 BTC in late February and sold the full amount immediately.

These pressures are not unique to Bitdeer. Public miners such as TeraWulf, Bitfarms, Riot Platforms, and Core Scientific have increasingly sold portions of their mined Bitcoin or pivoted toward artificial intelligence data center operations to stabilize revenue.

Despite the treasury liquidation, Bitdeer recently surpassed MARA Holdings in self managed hashrate, reaching 63.2 exahashes per second after a 14 percent capacity increase driven by its proprietary SEALMINER technology. That makes it the largest publicly traded miner by self operated capacity.

Funding the AI Ambition

The Bitcoin selloff coincides with a broader capital restructuring effort.

Bitdeer announced an upsized 325 million dollar private offering of convertible senior notes, with an additional 50 million dollar purchase option for initial buyers. The company also plans to allocate 138.2 million dollars to repurchase its existing 5.25 percent convertible notes due in 2029, effectively extending its debt runway.

Shares of Bitdeer, trading under BTDR, declined nearly 3 percent in overnight trading following the announcement and had previously dropped more than 18 percent after dilution concerns tied to the convertible note offering.

Image Credit – Google Finance

Management has framed the treasury liquidation as part of a strategic pivot toward high performance computing and AI cloud infrastructure. With access to a 3.0 gigawatt power portfolio, the company aims to build large scale data centers capable of hosting GPU services and artificial intelligence workloads.

The company has not clarified whether the zero Bitcoin position represents a permanent shift or a temporary capital allocation decision.

CoinLaw’s Takeaway

In my experience, this is one of the boldest strategic shifts we have seen from a major public miner. Bitdeer is essentially saying that owning Bitcoin is less attractive than building the infrastructure that powers the next wave of AI growth.

I believe this signals a broader industry evolution. Mining is becoming a thin margin business, and only operators who diversify into AI and data centers may sustain long term profitability. Bitdeer is betting that predictable infrastructure revenue will outperform volatile crypto price exposure. Whether that bet pays off will depend on execution, but it clearly marks a new chapter for the company.

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