Bitdeer Liquidates Entire Bitcoin Treasury, Signaling Strategic Shift
By Ayesha Aziz
Bitcoin mining firm Bitdeer Technologies has sold off its entire corporate Bitcoin holdings, reducing its treasury to zero as of February 20, 2026, according to the company’s weekly operational update posted on social media platform X. This marks a significant departure from Bitdeer’s previous position, where it held approximately 2,000 Bitcoin at the end of 2025. ### Rapid Shift from Production Sales to Full Liquidation
In the week ending February 20, Bitdeer produced 189.8 newly mined Bitcoin, selling the entire amount. Simultaneously, it liquidated its remaining reserve of 943.1 Bitcoin, effectively wiping out all treasury Bitcoin holdings. This contrasts with the prior week’s update on February 13, when the company still retained the 943.1 Bitcoin reserve after selling the majority of its mined coins, maintaining consistent treasury levels despite regular coin sales.
The shift from merely selling portions of production to full treasury liquidation within just a week underscores a notable strategic pivot. Bitdeer began February holding roughly 1,530 Bitcoin, which decreased to 943.1 by mid-month before the final liquidation.
Industry Context: Atypical Move
Bitcoin miners frequently sell a portion of newly mined coins to cover essential operating expenses such as electricity, hosting, and hardware maintenance. Retaining Bitcoin reserves is a common practice among publicly traded mining companies to benefit from potential price appreciation. Bitdeer’s complete liquidation is unusual in this context and distinguishes it from mining peers. For instance, industry leaders such as MARA Holdings control around 53,250 Bitcoin, Riot Platforms hold approximately 18,000 Bitcoin, and the largest holder, Strategy, possesses over 717,000 Bitcoin.
Capital Raise Drives the Liquidation
The liquidation closely follows Bitdeer’s announcement of a $325 million convertible notes offering alongside a $43.5 million equity placement. Proceeds from these capital raises are earmarked to fund expansion of data center capacity and further the company’s ambitions in artificial intelligence infrastructure. Bitdeer, founded by Jihan Wu, ex-co-founder of Bitmain, indicated that the funds would support not only data center growth but also AI cloud services, mining hardware development, and general corporate operations.
The market responded with a sharp decline in Bitdeer’s share price following the capital raise announcement.
Financial Margins Under Pressure
Bitdeer’s gross margin contracted notably, falling from 7.4% in Q4 2024 to 4.7% in the fourth quarter of 2025. Concurrent with this financial tightening, the company is increasing its self-mining capacity amid waning demand for its mining hardware from external clients.
Unclear Whether Treasury Strategy Will Permanently Change
At this point, Bitdeer has not specified whether the zero-Bitcoin treasury balance represents a temporary measure tied solely to current financing efforts or a permanent adjustment to its treasury strategy.
Legal and Sector Developments
Bitdeer is currently contending with a securities class-action lawsuit filed in the Southern District of New York, which alleges misrepresentations by the company regarding the timeline for its SEAL04 chip development.
Meanwhile, the broader mining sector continues evolving. Notably, MARA Holdings recently acquired a majority stake (64%) in French computing infrastructure firm Exaion, signaling a trend toward diversification into artificial intelligence and high-performance computing revenue streams.
This article is for informational purposes only and does not constitute financial advice.