Bitdeer (BTDR), a Singapore-headquartered bitcoin mining and AI infrastructure firm, has reduced its bitcoin treasury to zero as of Feb. 20, excluding customer deposits. The company produced 189.8 BTC in its latest weekly update and sold the entire amount, choosing liquidity over holding bitcoin as a balance sheet reserve.
Bitdeer Breaks Miner Playbook, Pivots to AI Data Centers
In a post on X, Bitdeer said the decision should not concern the broader market, noting it is evaluating multiple powered-land acquisition opportunities and deems it prudent to prepare liquidity now while continuing to grow hash rate and mine more bitcoin for shareholders. Operational growth remains intact: Bitdeer mined 668 bitcoin in January, up 430% year-over-year, and boosted its self-mining hash rate to 63.2 EH/s, with total proprietary hash rate reaching 65.1 EH/s.
NVIDIA GB200 NVL72 Deploying in Malaysia, European & US Mining Sites Converting
AI expansion demands far more capital than incremental mining buildouts, requiring large-scale GPU clusters and data center upgrades. Bitdeer is rolling out NVIDIA GB200 NVL72 systems in Malaysia and advancing conversions of several sites in the U.S. and Europe from crypto mining to AI data centers. To fund datacenter expansion, HPC and AI cloud growth, and ASIC development, the company recently priced a $325 million convertible notes offering and a $43.5 million equity raise.
Unlike bitcoin mining—tied to price cycles and halvings—AI and HPC contracts can offer more predictable revenue streams. The pivot also reflects miners' efforts to be valued less as leveraged bitcoin proxies and more as digital infrastructure and AI plays.
Peers Follow Suit: Riot, Bitfarms, MARA All in on AI
Riot Platforms (RIOT) recently sold $200 million worth of bitcoin to fund operations and AI expansion. Bitfarms (BITF) is dropping its “bitcoin company” identity and doubling down on AI in the U.S. MARA Holdings (MARA) is also expanding into HPC and AI through a planned 64% stake in France-based Exaion. Bitdeer shares were down 1% in pre-market trading at $7.70 per share.