Bitdeer has reduced its corporate Bitcoin holdings to zero. The Singapore-based miner said it sold 1,132.9 BTC in a single week, including 943.1 BTC from treasury reserves and all 189.8 BTC mined during that period.
The move drew extra attention after SwanDesk CEO Jacob King posted on X that corporate Bitcoin exposure had fallen by more than 37% over the past three months. King, a long-time Bitcoin critic, described it as the largest downturn on record. He also called Bitcoin a “failed experiment” and argued that some companies had bought BTC in hopes of generating quick fiat gains and attracting fresh money into weak equities.
Bitdeer’s Bitcoin stack fell step by step
According to the figures cited in the report, Bitdeer started 2026 with roughly 2,000 BTC. By the end of January, holdings had dropped to 1,530 BTC. On February 13, the balance was down again to 943.1 BTC. One week later, the company had sold everything. The pattern was gradual, not a one-day liquidation out of nowhere.
Bitdeer was founded by former Bitmain co-founder Jihan Wu. The company has also raised $325 million through convertible notes and another $43.7 million in equity financing. The report says the proceeds will be directed to AI data center expansion, cloud growth, and mining hardware development.
More miners are redirecting cash and infrastructure
Bitdeer is not alone, based on the same report. Earlier this month, Cango sold 4,451 BTC worth about $305 million to support its AI pivot. Riot Platforms sold $200 million in BTC. Bitfarms has also dropped its “Bitcoin company” branding and is pushing its U.S. strategy toward AI.
The article says about 70% of leading public miners now generate revenue from AI and high-performance computing. The economics are a major factor. AI workloads can bring in 3x to 25x more revenue per kilowatt than Bitcoin mining, with margins in the 80% to 90% range. MARA Holdings last week acquired a 64% stake in French computing firm Exaion, expanding deeper into cloud and AI services. HIVE, Hut 8, TeraWulf, and IREN are also converting mining sites into data centers.
Bear market pressure is colliding with mining costs
At the time cited in the report, Bitcoin was trading near $66,272, down 47% from its all-time high in October 2025. That price also sits below the estimated $77,000 to $87,000 production cost for most miners. Over the past five weeks, Bitcoin ETF outflows have reached nearly $4 billion.
The same report notes that Bernstein still expects BTC to reach $150,000 by year-end and called this the weakest bear-case setup in history. Even so, for miners dealing with thin margins and rising debt, keeping a treasury-heavy Bitcoin strategy in place is becoming a cash management decision as much as a market call.