Bitdeer Technologies (BTDR) disclosed in its latest weekly production update that it had fully liquidated its corporate bitcoin treasury, reporting zero BTC held as of February 20. This concluded an eight-week drawdown from approximately 2,000 BTC at the end of 2025. The Singapore-based miner produced 189.8 BTC during the period and sold the entire amount, also offloading its remaining 943.1 BTC in reserves in a single week, eliminating its balance sheet holdings (excluding customer deposits). This move makes Bitdeer the largest publicly traded miner by self-mining hashrate to hold no bitcoin on its balance sheet.
Drawdown Timeline: From 1,530 BTC to Zero in Three Weeks
Bitdeer's holdings declined from about 1,530 BTC at the end of January 2026 to 943.1 BTC by February 13, with the final week's transactions clearing the remaining balance entirely. The company did not disclose the price range of the sales. The decision comes amid tightening mining economics: Bitcoin network difficulty recently surged 14.7%, while hashprice fell below $30 per PH/s/day. Bitdeer's gross margin declined to 4.7% in Q4 from 7.4% a year earlier, reflecting post-halving operational pressure and rising competition. The stock traded near $7.75 in pre-market.
Bitdeer Response: Sale Not a Bearish Signal, but a Liquidity Measure
In a post on X, Bitdeer said the sale and liquidation should not be interpreted as a signal about Bitcoin's long-term prospects, framing it 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," the company stated. Operationally, Bitdeer's mining output has increased: it 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. Instead of retaining coins, the firm is converting production into cash to support capital expenditures. It 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. The company has deployed 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. Bitdeer has not indicated whether it intends to rebuild its bitcoin position in the future.
Comparison with Peers: Clear Divergence as MARA and Riot Hold Large BTC Treasuries
Bitdeer's zero-BTC position sets it 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's strategy of converting all production to cash to accelerate infrastructure buildout represents a more aggressive approach.
Bitcoin Weekend Plunge: Six Straight Weekly Closes, Breaks Below $65,000
Alongside these miner dynamics, Bitcoin price suffered a sharp decline. Sunday evening EST, Bitcoin plunged more than 5% 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 price dipped to around $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. This decline 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 all-time high. At the time of writing, Bitcoin is trading slightly above $66,000.