Bitdeer Technologies has taken a strikingly different path from most publicly traded Bitcoin miners. The company has now fully liquidated its corporate Bitcoin treasury, reporting a balance sheet position of zero BTC as of Feb. 20, 2026. Based on the disclosed figures, the process was not a one-day event but the completion of an eight-week drawdown that began from roughly 2,000 BTC at the end of 2025. For an industry that often treats mined Bitcoin as both a treasury reserve and a strategic long-term asset, that decision stands out.
In its latest weekly production update, the Singapore-based miner said it produced 189.8 BTC during the period and sold the entire amount. It also sold the remaining 943.1 BTC in reserve in the same week, bringing corporate holdings down to zero. The company added an important clarification: these figures exclude customer deposits. In other words, what disappeared was Bitdeer’s own treasury inventory, not assets held on behalf of clients.
This move marks a sharp break from the traditional public-miner playbook. Many listed miners have preferred to accumulate Bitcoin on their balance sheets, using it as a treasury asset and as a leveraged expression of conviction in Bitcoin’s long-term value. With this liquidation, Bitdeer becomes the largest publicly traded miner by self-mining hashrate to hold no Bitcoin on its balance sheet, making it a clear outlier among major peers.
Bitdeer completed an eight-week treasury drawdown as mining economics worsened
The timeline shows that the company’s exit from its Bitcoin reserve was gradual at first and then accelerated this month. Bitdeer held about 1,530 BTC at the end of January. By Feb. 13, that figure had already fallen to 943.1 BTC. In the final reported week, the company sold the remaining balance entirely. The zero-BTC position, therefore, was the result of a sustained treasury reduction rather than a sudden liquidation without warning.
The broader backdrop is a more difficult environment for miners. According to the report, Bitcoin network difficulty recently increased by 14.7%, while hashprice — a key measure of miner revenue efficiency — fell below $30 per PH/s/day. For mining companies, that combination is painful. Rising difficulty means more competition for the same block rewards, while lower hashprice means each unit of deployed hashrate is generating less revenue than before. This pressure became more acute after the halving and in an industry where competition continues to intensify.
Bitdeer’s own financial metrics reflect that squeeze. The company’s gross margin fell to 4.7% in the fourth quarter, compared with 7.4% a year earlier. That decline suggests that revenue conditions have weakened relative to the cost base required to operate and expand. Electricity, infrastructure, equipment deployment, and operational overhead do not become easier to manage simply because market conditions deteriorate. In that context, converting Bitcoin into cash can look more practical than holding volatile reserves on the balance sheet.
Viewed this way, the liquidation is not just a portfolio decision. It is a liquidity management decision made under conditions of operational stress and capital intensity. Bitdeer appears to be prioritizing flexible cash resources over treasury accumulation at a time when miners need to fund new capacity, navigate tighter economics, and adjust to a more competitive post-halving market.
Bitdeer says the sale is not a bearish signal on Bitcoin, but a liquidity move for expansion
The company addressed the market’s likely interpretation directly in a post on X. Bitdeer said that the sale and full liquidation of its Bitcoin holdings should not be read as a statement about Bitcoin’s long-term prospects. It also said the move should not be treated as a cause for concern for the broader market. Instead, the company framed the decision as a liquidity measure related to evaluating multiple powered land acquisition opportunities and scaling infrastructure.
Its wording was explicit: “Our decision to sell Bitcoin should not be a concern for the broader market.” That message is important because treasury decisions by miners can easily be overinterpreted as directional calls on BTC. In practice, however, a miner’s choice to hold or sell coins often depends more on capital planning, infrastructure timing, and funding needs than on a simple bullish or bearish view of the asset itself.
Operationally, Bitdeer is not shrinking. In fact, production has increased. The company mined 668 BTC in January, up 430% year over year. It also expanded its self-mining hashrate to 63.2 EH/s, with total proprietary hashrate reaching 65.1 EH/s. Those figures suggest that Bitdeer remains active and ambitious on the mining side. What has changed is not the existence of the mining business, but the treasury treatment of the output. Rather than retaining coins, the firm is converting production into cash to fund capital expenditures.
That treasury decision lines up with the company’s broader financing strategy. Bitdeer recently priced a $325 million convertible notes offering and a $43.5 million equity placement. The company has said those funds are intended for data center buildouts, ASIC development, and growth in high-performance computing (HPC) and AI cloud services. Selling Bitcoin, raising external capital, and expanding infrastructure all fit into the same broader strategy: strengthening liquidity to support a larger shift in business mix.
Bitdeer’s shares were trading near $7.75 in pre-market trading when the report circulated. So far, the company has not said whether it plans to rebuild its Bitcoin treasury in the future. For now, the only clear conclusion is that management currently sees greater value in deploying capital into expansion than in keeping Bitcoin as a balance sheet reserve.
Compared with MARA, Riot, and Strategy, Bitdeer is now following a very different model
Bitdeer’s zero-BTC position matters because it contrasts so sharply with the strategies of major peers. The report points to several notable examples. MARA Holdings still maintains a treasury of roughly 53,250 BTC. Riot Platforms holds around 18,000 BTC. And Strategy, formerly MicroStrategy, remains the largest corporate Bitcoin holder with more than 717,000 BTC on its balance sheet.
Those companies are making a different bet. By holding substantial reserves, they tie their financial profile more closely to the price of Bitcoin. The upside is obvious: if BTC appreciates materially, the balance sheet can benefit dramatically. The downside is just as clear: when Bitcoin weakens, treasury volatility feeds directly into corporate financial risk and investor perception. Bitdeer, by contrast, appears to be prioritizing operating liquidity and infrastructure reinvestment over treasury optionality.
This divergence also signals a broader shift in how miners define themselves. Increasingly, some mining companies are trying to evolve from pure-play crypto miners into owners and operators of digital infrastructure more broadly. Their expertise in power procurement, site development, cooling systems, hardware deployment, and data center operations can be applied beyond Bitcoin mining. In that sense, the question is no longer only whether a miner holds coins, but what kind of infrastructure company it wants to become.
So the distinction between Bitdeer and peers such as MARA, Riot, and Strategy is not merely about treasury preference. It reflects two different strategic identities. One model remains deeply tied to Bitcoin as both operating output and treasury asset. The other is starting to redirect capital from Bitcoin reserves into physical and computational infrastructure that may generate revenue streams with lower direct sensitivity to BTC price cycles.
Capital across the mining sector is moving toward AI and HPC, and Bitdeer is already executing
The report places Bitdeer’s decision within a wider sector trend. Across the mining industry, companies are increasingly reallocating capital toward AI and HPC infrastructure. The attraction is straightforward: these businesses can provide more contracted and potentially more predictable revenue streams than Bitcoin mining, whose economics remain tightly linked to the price of BTC, network difficulty, and halving dynamics.
Bitdeer is not just talking about this shift; it has already begun implementing it. The company has started rolling out NVIDIA GB200 NVL72 systems in Malaysia. It is also converting select sites in the United States and Europe from crypto mining facilities into AI data centers. That indicates a real operational pivot rather than a purely aspirational diversification narrative. Site conversion, hardware deployment, and infrastructure redesign all suggest active execution.
Mining companies often have structural advantages in this transition. Many already control power access, land, industrial-scale facilities, cooling capacity, and operational teams accustomed to running high-density compute environments. Those capabilities can be repurposed for AI-oriented workloads more naturally than many outsiders assume. The challenge is financial: they must fund the transition while still managing existing mining operations. Bitdeer’s treasury liquidation can be understood as part of that balancing act.
Even so, the company has not indicated whether it intends to rebuild a Bitcoin position later. That leaves open two possibilities. This could be a temporary de-risking phase while expansion projects absorb capital, or it could mark a more durable change in balance sheet philosophy. The answer will likely depend on how successful the AI and HPC buildout becomes and whether mining economics improve enough to justify renewed treasury accumulation.
Bitcoin market weakness formed the backdrop, with BTC briefly falling below $65,000
Bitdeer’s move also came during a turbulent stretch for the broader Bitcoin market. According to the article, Bitcoin plunged more than 5% on Sunday evening EST, slipping below $65,000. Most of the decline unfolded during a sharp two-hour sell-off. The move was reportedly driven by large holders sending coins to exchanges and by recent buyers exiting positions at a loss, adding pressure into already thin liquidity conditions.
The drop pushed Bitcoin near $64,500, leaving the asset down roughly $3,500 on the day. Before that, the market had been trading around the $67,000 range over the weekend. That relatively tight consolidation broke down suddenly, and once price lost the range in a low-liquidity environment, downside momentum accelerated. For traders, that pattern is familiar: thin order books can magnify directional moves quickly once support gives way.
The report also highlighted several weak technical milestones. This was described as Bitcoin’s first stretch of six consecutive negative weekly closes, along with six straight weekly closes below its 100-week moving average, and three consecutive weekly closes beneath its 2021 high. None of these statistics alone proves a long-term trend reversal, but together they underline the fragile tone that has characterized recent price action.
At the time of writing, Bitcoin had recovered somewhat and was trading slightly above $66,000. The article does not claim that Bitdeer’s selling caused the market decline. A better reading is that both events sit within the same broader environment: miners are under pressure, Bitcoin has been volatile, and companies with large infrastructure ambitions may increasingly choose liquidity and reinvestment over treasury accumulation.