Bitdeer Technologies has fully liquidated its corporate bitcoin treasury, reporting zero BTC held as of Feb. 20 and completing an eight-week drawdown from roughly 2,000 BTC at 2025 year-end.
In its latest weekly production update, the Singapore-based miner disclosed that it produced 189.8 BTC during the period and sold the entire amount. It also offloaded its remaining 943.1 BTC in reserves in a single week, wiping out its balance sheet holdings. The figures exclude customer deposits.
The move marks a sharp break from the traditional public miner strategy of accumulating bitcoin as a treasury asset. With the liquidation, Bitdeer becomes the largest publicly traded miner by self-mining hashrate to hold no bitcoin on its balance sheet.
The selloff caps a steady reduction in holdings that accelerated this month. Bitdeer held about 1,530 BTC at the end of January before cutting that figure to 943.1 BTC by Feb. 13. The final week’s transactions eliminated the remaining balance entirely.
The decision comes as mining economics tighten. Bitcoin network difficulty recently jumped 14.7%, while hashprice has fallen below $30 per PH/s/day. Bitdeer’s gross margin declined to 4.7% in the fourth quarter, down from 7.4% a year earlier, reflecting mounting operational pressure following the halving and rising competition.
At the same time, the company is raising capital to fund expansion beyond core mining. Bitdeer recently priced a $325 million convertible notes offering and a $43.5 million equity placement, earmarked for data center buildouts, ASIC development and growth in high-performance computing (HPC) and AI cloud services.
Bitdeer’s stock was trading near $7.75 in pre-market trading.
Bitdeer: Bitcoin selling not a concern
In a post on X, the company said the decision to sell and the liquidation should not be interpreted as a signal about Bitcoin’s long-term prospects. Instead, it framed the decision as a liquidity measure tied to evaluating multiple powered land acquisition opportunities and scaling infrastructure.
“Our decision to sell Bitcoin should not be a concern for the broader market,” Bitdeer said.
Operationally, Bitdeer’s mining output has increased. The company mined 668 BTC in January, up 430% year over year, and expanded its self-mining hashrate to 63.2 EH/s, with total proprietary hashrate reaching 65.1 EH/s. Rather than retaining coins, however, the firm is converting production into cash to support capital expenditures.
The zero-BTC position sets Bitdeer apart from peers that continue to hold significant reserves. MARA Holdings maintains a treasury of roughly 53,250 BTC, while Riot Platforms holds around 18,000 BTC. Strategy, formerly MicroStrategy, remains the largest corporate holder with more than 717,000 BTC on its balance sheet.
Across the sector, miners are increasingly reallocating capital toward AI and HPC infrastructure, which can offer contracted revenue streams less directly tied to bitcoin price cycles. Bitdeer has begun rolling out NVIDIA GB200 NVL72 systems in Malaysia and is converting select sites in the United States and Europe from crypto mining facilities into AI data centers.
The company has not indicated whether it intends to rebuild its bitcoin position in the future.
All this is happening as the Bitcoin price plunged more than 5% on Sunday evening EST, sliding below $65,000 with most of the move unfolding in a sharp two-hour sell-off driven by large holders sending coins to exchanges and recent buyers exiting at a loss.
The drop pushed Bitcoin near $64,500, down roughly $3,500 on the day, after a weekend breakdown from the $67,000 range that snapped a period of tight consolidation and accelerated into thin liquidity.
The decline also marks Bitcoin’s first stretch of six consecutive negative weekly closes, six straight closes below its 100-week moving average, and three consecutive weekly closes beneath its 2021 high.
At the time of writing, Bitcoin is trading slightly above $66,000.
