Bitdeer Bitcoin Mining Liquidates Entire BTC Holdings Down to Zero
Bitcoin mining company Bitdeer has reduced its corporate BTC holdings to zero, following the complete liquidation of its remaining reserves. The Nasdaq-listed miner, trading under the ticker BTDR, reported this development in its latest weekly production update released over the weekend. The company produced 189.8 BTC during the reporting period and sold the entire amount, while also offloading an additional 943.1 BTC from its treasury, resulting in a net reduction that eliminated all self-owned Bitcoin positions. These figures exclude any customer deposits held by the firm. The 943.1 BTC is worth about $62.5 million at the time of this writing.
The move completes an eight-week drawdown that began with approximately 2,000 BTC at the end of 2025. Holdings stood at around 1,530 BTC by the close of January before declining further to 943.1 BTC as of February 13. In the prior week ending February 13, Bitdeer mined 183.4 BTC and sold 179.9 BTC, maintaining a balance close to production levels. The final liquidation represented a significant escalation from that pattern, as the company converted its full remaining balance into cash amid challenging market conditions.
This decision aligns with Bitdeer's broader strategic efforts to secure liquidity for growth initiatives. The company recently priced an upsized $325 million offering of 5% convertible senior notes due 2032, along with a $43.5 million registered direct equity placement. These capital raises are directed toward data center expansions, high-performance computing developments, and advancements in artificial intelligence infrastructure. Bitdeer has emphasized evaluating multiple non-binding opportunities for powered land acquisitions, describing the preparation of liquidity as a prudent step to support ongoing operations and expansion.
Company Response and Industry Context
In communications following the disclosure, Bitdeer addressed concerns directly. The official Bitdeer account posted on social media that the decision to sell Bitcoin should not worry the broader market. The company highlighted its continued focus on hash rate growth and ongoing Bitcoin mining activities in the interest of shareholders. Chairman and CEO Jihan Wu added a brief statement noting that holding zero Bitcoin at present does not indicate a permanent position, expressing appreciation for public attention to the matter.
Bitdeer's zero-BTC treasury stands in contrast to many publicly traded mining peers that maintain substantial holdings as a core strategy. Data from Bitcoin treasury trackers show MARA Holdings with roughly 53,250 BTC and Riot Platforms around 18,000 BTC. Larger corporate holders, such as Strategy, continue to accumulate well over 700,000 BTC. While some miners have engaged in net selling during periods of pressure, fully depleting reserves remains uncommon in the sector.
The timing of this liquidation reflects tightening economics in Bitcoin mining. Network difficulty increased by 14.7% in the most recent adjustment, contributing to a decline in hashprice below $30 per PH/s/day. Bitdeer's own gross margins narrowed to 4.7% in the fourth quarter of the prior year, down from 7.4% a year earlier. These factors have prompted the company to prioritize cash reserves over Bitcoin accumulation, especially as it pursues diversification into AI and related infrastructure. The firm continues to rank highly in global self-mining hashrate, recently reporting 63.2 EH/s in self-mining capacity.