Bitdeer Applied sciences has totally liquidated its company bitcoin treasury, reporting zero BTC held as of Feb. 20 and finishing an eight-week drawdown from roughly 2,000 BTC at 2025 year-end.
In its newest weekly manufacturing update, the Singapore-based miner disclosed that it produced 189.8 BTC in the course of the interval and bought all the quantity. It additionally offloaded its remaining 943.1 BTC in reserves in a single week, wiping out its stability sheet holdings. The figures exclude buyer deposits.
The transfer marks a pointy break from the normal public miner technique of accumulating bitcoin as a treasury asset. With the liquidation, Bitdeer turns into the most important publicly traded miner by self-mining hashrate to carry no bitcoin on its stability sheet.
The selloff caps a gentle discount in holdings that accelerated this month. Bitdeer held about 1,530 BTC on the finish of January earlier than slicing that determine to 943.1 BTC by Feb. 13. The ultimate week’s transactions eradicated the remaining stability totally.
The choice comes as mining economics tighten. Bitcoin community problem just lately jumped 14.7%, whereas hashprice has fallen under $30 per PH/s/day. Bitdeer’s gross margin declined to 4.7% within the fourth quarter, down from 7.4% a 12 months earlier, reflecting mounting operational strain following the halving and rising competitors.
On the similar time, the corporate is elevating capital to fund enlargement past core mining. Bitdeer recently priced a $325 million convertible notes providing and a $43.5 million fairness placement, earmarked for knowledge heart buildouts, ASIC improvement and progress in high-performance computing (HPC) and AI cloud companies.
Bitdeer’s inventory was buying and selling close to $7.75 in pre-market buying and selling.
Bitdeer: Bitcoin promoting not a priority
In a post on X, the corporate stated the choice to promote and the liquidation shouldn’t be interpreted as a sign about Bitcoin’s long-term prospects. As a substitute, it framed the choice as a liquidity measure tied to evaluating a number of powered land acquisition alternatives and scaling infrastructure.
“Our resolution to promote Bitcoin shouldn’t be a priority for the broader market,” Bitdeer stated.
Operationally, Bitdeer’s mining output has elevated. The corporate mined 668 BTC in January, up 430% 12 months over 12 months, and expanded its self-mining hashrate to 63.2 EH/s, with complete proprietary hashrate reaching 65.1 EH/s. Fairly than retaining cash, nevertheless, the agency is changing manufacturing into money to help capital expenditures.
The zero-BTC place units Bitdeer aside from friends that proceed to carry vital reserves. MARA Holdings maintains a treasury of roughly 53,250 BTC, whereas Riot Platforms holds round 18,000 BTC. Technique, previously MicroStrategy, stays the most important company holder with greater than 717,000 BTC on its stability sheet.
Throughout the sector, miners are more and more reallocating capital towards AI and HPC infrastructure, which may supply contracted income streams much less instantly tied to bitcoin worth cycles. Bitdeer has begun rolling out NVIDIA GB200 NVL72 methods in Malaysia and is changing choose websites in america and Europe from crypto mining services into AI knowledge facilities.
The corporate has not indicated whether or not it intends to rebuild its bitcoin place sooner or later.
All that is occurring because the Bitcoin worth plunged greater than 5% on Sunday night EST, sliding under $65,000 with a lot of the transfer unfolding in a pointy two-hour sell-off pushed by giant holders sending cash to exchanges and up to date patrons exiting at a loss.
The drop pushed Bitcoin close to $64,500, down roughly $3,500 on the day, after a weekend breakdown from the $67,000 vary that snapped a interval of tight consolidation and accelerated into skinny liquidity.
The decline additionally marks Bitcoin’s first stretch of six consecutive unfavourable weekly closes, six straight closes under its 100-week shifting common, and three consecutive weekly closes beneath its 2021 excessive.
On the time of writing, Bitcoin is buying and selling barely above $66,000.
