Bitdeer said its proprietary Bitcoin holdings had fallen to zero as of Feb. 20. The company also sold all 189.8 BTC it mined during the week, bringing weekly net outflows to 943.1 BTC. For a listed mining company, that kind of mine-and-sell approach stands out.
A clear slide from roughly 2,000 BTC to none
The reduction did not happen overnight. According to the figures cited in the source, Bitdeer held about 2,000 BTC at the end of December 2025. By early January 2026, that number had dropped to 1,900.9 BTC. At the end of January, holdings were down again to 1,530 BTC, a 24% decline for the month. By Feb. 14, the balance had slipped below 1,000 BTC to 943.1 BTC, then reached zero on Feb. 20.
That sequence points to more than a one-off liquidation. The report described it as a possible operating rule: each newly mined Bitcoin is sold rather than retained on the balance sheet.
Peers are still building Bitcoin reserves
Bitdeer’s move contrasts with the treasury strategy used by several other mining firms. The source said MARA Holdings raised more than $2 billion through convertible debt in 2024 and used public-market purchases to acquire over 22,000 BTC. Together with 9,500 BTC mined in-house, MARA now holds about 53,000 BTC. Riot Platforms holds roughly 18,000 BTC, while Hut 8 holds around 13,600 BTC.
That model treats the balance sheet itself as a Bitcoin position, with financing used to cover power and hardware costs. Bitdeer is taking the opposite route and turning mined coins into cash.
Fundraising came just before holdings hit zero
On Feb. 19, one day before the company’s BTC holdings fell to zero, Bitdeer announced a private offering of $300 million in convertible senior notes due in 2032. Underwriters were also granted an option to purchase up to an additional $45 million. On the same day, the company said it would publicly offer 5.5 million Class A ordinary shares at $7.94 per share.
The market reaction was sharp. The source said Bitdeer shares fell 17% in a single session, dropping below $8 and marking a 10-month low. Since the start of the year, BTDR has declined by 32%.
Cash is being directed toward chips and AI compute
The report said Bitdeer shifted its strategic focus after Jihan Wu returned as CEO in 2024, moving away from Bitcoin mining alone and toward mining machines and AI compute centers. Its in-house ASIC mining chip line, SEALMINER, sits at the center of that push. Taken together, the sale of Bitcoin, the convertible issuance and the equity offering point to the same destination: chip development and AI infrastructure.
The source also framed the trade-off in simple terms. If Bitcoin were to reach $150,000 within the next 12 months, then 2,000 BTC would be worth $300 million, roughly the same size as the newly issued convertible notes. If SEAL04 reaches mass production and hits its efficiency targets, though, Bitdeer’s valuation logic would lean more on technical barriers and market share than on a Bitcoin treasury. That leaves the company’s zero-BTC position looking less like routine treasury management and more like a direct statement of strategy.