Bitdeer Wipes Out Its Bitcoin Treasury, Selling All 1,132.9 BTC – What It Means for the Miner and the Industry
February 22 2026 – Cointelegraph
Chinese‑origin mining operation Bitdeer announced in its most recent weekly operational report that it has completely liquidated its corporate Bitcoin holdings. The firm’s “pure” treasury – the portion of BTC owned outright by the company, separate from customer deposits – now stands at 0 BTC after selling the 189.8 BTC produced during the reporting period together with the 943.1 BTC that had been sitting in reserve.
The numbers
| Metric (latest week) | Amount |
|---|---|
| BTC mined | 189.8 BTC |
| BTC sold from new production | 189.8 BTC (100 % of weekly output) |
| BTC sold from existing treasury | 943.1 BTC |
| Remaining pure BTC holdings | 0 BTC |
In a prior update posted on 13 February, Bitdeer disclosed that it still held 943.1 BTC after selling 179.9 BTC of the 183.4 BTC it mined that week. The new filing therefore marks a complete exit from its own Bitcoin balance.
Why the move is noteworthy
Most Bitcoin miners retain a portion of the coins they generate. The practice serves two purposes:
- Operational liquidity – Selling a fraction of the weekly output funds electricity, hosting and equipment costs.
- Strategic exposure – Holding BTC lets a miner benefit from price appreciation, which can bolster the balance sheet and provide a hedge against volatile hash‑price revenues.
Fully liquidating a treasury is uncommon, especially when the market price of Bitcoin remains relatively stable. The decision suggests Bitdeer is prioritising immediate cash generation over long‑term price exposure.
Context: a broader financial reshuffle
Bitdeer’s cash‑out coincides with a separate capital‑raising initiative announced earlier this week. The company plans to issue $300 million of senior convertible notes, with a possible $45 million extension, due in 2032. Holders will have the option to convert the debt into equity, cash, or a mix of both. Proceeds are earmarked for:
- Expansion of mining data centres
- Development of AI‑cloud services
- Advancement of proprietary mining hardware
- General corporate purposes
Founder Jihan Wu – formerly of Bitmain – indicated that the financing will also support Bitdeer’s increasing focus on self‑mining. As demand for its hardware wanes, the firm is deploying more of its own rigs to generate Bitcoin rather than selling them to third‑party customers.
Industry trends: Mining meets AI
The shift from pure‑mining to hybrid models is gaining momentum across the sector. Recent moves include:
- MARA Holdings acquiring a 64 % stake in French AI‑infrastructure firm Exaion, signalling a deeper pursuit of high‑performance computing revenue.
- Companies such as HIVE, Hut 8, TeraWulf, and IREN repurposing mining facilities for AI and cloud workloads.
- CoreWeave fully transitioning from cryptocurrency mining to providing AI‑focused data‑center services.
These developments are driven by tighter margins after the 2024 halving, higher energy costs, and the growing profitability of AI‑related compute.
Analysis
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Liquidity boost vs. price exposure – By converting its entire BTC reserve into cash, Bitdeer improves short‑term liquidity, which may be essential for funding its expansion plans and servicing the new convertible debt. However, the miner relinquishes any upside from a potential Bitcoin rally, a trade‑off that could be viewed negatively by investors who value on‑chain assets as a hedge.
-
Signal to the market – The simultaneous treasury liquidation and debt issuance could be interpreted as a “cash‑first” strategy, suggesting management believes immediate capital needs outweigh the benefits of holding Bitcoin. It may also indicate confidence that future revenue streams from AI‑related services will offset the loss of BTC exposure.
-
Impact on stock price – Bitdeer’s shares fell sharply after the convertible note announcement, reflecting investor concerns over dilution and the company’s financial outlook. The treasury sell‑off may further depress sentiment if the market perceives it as a sign of cash strain.
- Industry benchmark – If other miners follow Bitdeer’s example, we could see a broader move away from on‑chain balance‑sheet assets toward diversified revenue models that incorporate AI, cloud, and other high‑margin compute services.
Key takeaways
- Bitdeer has sold all 1,132.9 BTC it owned outright, leaving its corporate treasury at zero.
- The liquidation was achieved by selling the week’s entire production (189.8 BTC) plus the 943.1 BTC carried over from prior weeks.
- Full treasury sell‑offs are rare; most miners retain some BTC to benefit from price appreciation.
- The move comes alongside a $300 million convertible senior note offering, aimed at funding data‑center expansion, AI initiatives, and hardware development.
- The broader mining sector is increasingly pivoting to AI and high‑performance computing, using mining infrastructure for more diversified revenue streams.
- Investors should monitor how Bitdeer’s cash‑heavy strategy influences its balance sheet, debt servicing, and stock performance, especially as the market evaluates the trade‑off between immediate liquidity and long‑term Bitcoin exposure.
Cointelegraph reached out to Bitdeer for comment on the treasury liquidation; a response had not been received at the time of publication.
Source: https://cointelegraph.com/news/bitdeer-sells-bitcoin-treasury-zero-holdings?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
