Bitdeer Technologies, a Singapore-based miner, has made a significant strategic pivot by fully liquidating its corporate bitcoin (BTC) treasury. As of February 20, the company reported holding zero BTC, completing an aggressive eight-week drawdown that started with approximately 2,000 BTC at 2025 year-end. This move sharply deviates from the traditional strategy of public bitcoin miners, who typically accumulate BTC as a treasury asset.

In its latest weekly production update, Bitdeer disclosed that it produced 189.8 BTC during the period and immediately sold the entire amount. Furthermore, it offloaded its remaining 943.1 BTC in reserves in a single week, effectively wiping out its balance sheet holdings, excluding customer deposits. This steady reduction in holdings accelerated throughout February, from holding about 1,530 BTC at the end of January to 943.1 BTC by February 13, before the final week's transactions eliminated the balance entirely. With this liquidation, Bitdeer now stands as the largest publicly traded miner by self-mining hashrate to hold no bitcoin on its balance sheet.

The decision to liquidate its bitcoin reserves comes amidst tightening mining economics. The Bitcoin network recently experienced a significant 14.7% jump in difficulty, while the hashprice has fallen below $30 per petahash per second per day. Bitdeer's gross margin declined to 4.7% in the fourth quarter, down from 7.4% a year earlier, indicating mounting operational pressures exacerbated by the recent halving event and rising competition in the mining sector.

Coinciding with this shift, Bitdeer is actively raising capital to fund its expansion beyond core bitcoin mining. The company recently priced a $325 million convertible notes offering and a $43.5 million equity placement. These funds are specifically earmarked for data center buildouts, application-specific integrated circuit (ASIC) development, and growth in high-performance computing (HPC) and artificial intelligence (AI) cloud services.

Addressing potential market concerns, Bitdeer clarified its stance on social media platform X, stating that the decision to sell and liquidate its bitcoin holdings should not be interpreted as a signal about Bitcoin’s long-term prospects. Instead, the company framed its actions as a liquidity measure, aimed at enabling the evaluation of multiple powered land acquisition opportunities and scaling its infrastructure for future growth. Bitdeer emphasized, "Our decision to sell Bitcoin should not be a concern for the broader market."

Operationally, Bitdeer's mining output has actually increased, with the company mining 668 BTC in January, a substantial 430% year-over-year increase. Its self-mining hashrate expanded to 63.2 EH/s, with total proprietary hashrate reaching 65.1 EH/s. However, rather than retaining these newly mined coins, the firm is consistently converting its production into cash to support its significant capital expenditures.

This strategy sets Bitdeer apart from many of its peers who continue to maintain substantial bitcoin reserves. For instance, MARA Holdings holds approximately 53,250 BTC, while Riot Platforms maintains around 18,000 BTC. MicroStrategy (formerly Strategy) remains the largest corporate holder, with over 717,000 BTC on its balance sheet. Across the broader sector, a growing trend sees miners reallocating capital towards AI and HPC infrastructure, which offers more stable, contracted revenue streams less susceptible to the volatility of bitcoin price cycles.

Bitdeer has already begun implementing this new direction, rolling out NVIDIA GB200 NVL72 systems in Malaysia and actively converting select sites in the United States and Europe from crypto mining facilities into dedicated AI data centers. The company has not provided any indication whether it intends to rebuild its bitcoin position in the future.

In a separate but related market development, the price of Bitcoin experienced a significant plunge of more than 5% on Sunday evening EST, falling below $65,000. This sharp two-hour sell-off was primarily driven by large holders sending coins to exchanges and recent buyers exiting at a loss, pushing Bitcoin near $64,500, a drop of roughly $3,500 on the day. This decline, which followed a weekend breakdown from the $67,000 range, 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 was trading slightly above $66,000.