Bitdeer Empties Its Entire BTC Treasury

Bitcoin mining firm Bitdeer has emptied its crypto wallet, effectively reducing its bitcoin holding to zero-a move that stands out as highly unusual for a company whose core business revolves around mining the digital assets.

In its latest weekly operational update, Bitdeer disclosed that its “pure holdings,” excluding customer deposits, have fallen to 0 BTC. The report showed that the company produced 189.8 BTC and sold the full amount. In addition, it liquidated 943.1 BTC from its existing treasury reserves, effectively wiping out its corporate Bitcoin position.

Just a week earlier, in its Feb. 13 update, Bitdeer still held 943.1 BTC on its balance sheet. At that time, the firm had already begun emptying its bitcoin wallet, selling off 179.9 BTC out of the 183.4 BTC mined during the week while keeping its broader treasury intact.

While it is common practice for mining to sell a portion of their newly mined Bitcoin to fund operational expenses such as electricity, hosting and hardware costs. However, they generally retain a treasury allocation to preserve exposure to Bitcoin’s long-term price appreciation. Fully liquidating corporate reserves is far less common and signals a significant shift in financial positioning.

Bitdeer's Leaving Bitcoin And Pivots Toward AI

The treasury liquidation came shortly after Bitdeer announced plans to raise $300 million through a convertible senior note offering, with an option to expand the raise by an additional $45 million.

The notes, which mature in 2032, can later be converted into company stock, cash, or a combination of both. Following the announcement, Bitdeer’s shares fell sharply, reflecting investor sensitivity to increased leverage and potential future dilution.

Founded by former Bitmain co-founder Jihan Wu, Bitdeer said the capital will be used to support data center expansion, AI cloud growth, mining hardware development and general corporate purposes. The move suggests a broader capital reallocation strategy as the company reshapes its operational focus.

At the same time, Bitdeer has been expanding its self-mining operations as demand for its mining hardware weakens. Rather than primarily selling rigs to customers, the company is increasingly deploying its own machines to mine Bitcoin directly.

The shift comes amid tighter industry margins following the 2024 Bitcoin halving, which reduced block rewards and intensified profitability pressures across the sector.

Bitdeer’s strategy mirrors a wider transformation unfolding among publicly listed miners. On Friday, MARA Holdings acquired a majority stake in French computing infrastructure firm Exaion, deepening its push into artificial intelligence and cloud services. The deal gives MARA France a 64% ownership position while energy company EDF remains a minority shareholder and customer.

Across the industry, companies such as HIVE, Hut 8, TeraWulf and IREN have begun repurposing mining facilities and power infrastructure for AI and high-performance computing workloads.

Others, including CoreWeave, have transitioned fully into AI-focused infrastructure providers. The post-halving environment has accelerated this hybrid model, as miners seek to diversify revenue streams beyond pure Bitcoin production.

Against this backdrop, Bitdeer’s decision to hold zero Bitcoin while raising significant convertible debt underscores how rapidly the economics of mining are evolving.

For a Bitcoin miner to completely exit its treasury position marks a notable departure from traditional balance sheet strategy and highlights the growing convergence between digital asset mining and broader data center and AI infrastructure plays.