Singapore-based mining company Bitdeer Technologies has completely liquidated its corporate Bitcoin treasury, holding zero BTC as of February 20. Over the past eight weeks, Bitdeer sold nearly 2,000 BTC, including 189.8 BTC mined during this period and an additional 943.1 BTC sold within a single week, leaving its balance sheet entirely empty. This move marks a clear departure from the traditional strategy of public miners who accumulate Bitcoin as an asset. Although Bitdeer remains one of the largest public miners by hashing power, it currently holds no Bitcoin in its treasury.
Bitcoin mining conditions have tightened, with network difficulty rising by 14.7% and hash price falling below $30 per PH/s/day. Bitdeer’s gross margin declined to 4.7% in Q4, down from 7.4% in the same period last year. Despite this, the company plans to increase investment to expand its operations, recently offering $325 million in convertible notes and $43.5 million in equity placements aimed at building data centers, developing ASICs, and expanding high-performance computing and AI cloud services. Bitdeer clarified that selling Bitcoin does not reflect a negative outlook on its future value but is a financial strategy to raise liquidity for new opportunities and infrastructure growth. The company also boosted its mining output, producing 668 BTC in January—four times more than the previous year.
In contrast, other major miners like Marathon Holdings and Riot Platforms maintain large Bitcoin reserves, with Strategy being the largest corporate holder at over 700,000 BTC. Bitdeer’s approach reflects an evolving industry trend where companies invest in AI and HPC infrastructure to generate revenue less dependent on Bitcoin price volatility. Bitcoin’s price has declined recently amid ongoing market fluctuations, influencing mining companies’ financial decisions. Bitdeer has not indicated any plans to rebuild its Bitcoin holdings at this time.
Source: bitcoinmagazine
