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According to Cointelegraph, Bitcoin mining firm Bitdeer has fully liquidated its corporate Bitcoin holdings as of its latest weekly operational update. The Singapore-based company, founded by former Bitmain co-founder Jihan Wu, disclosed that its "pure holdings" — excluding customer deposits — had fallen to 0 BTC. The company produced 189.8 BTC during the reporting period and sold the full amount. It also sold an additional 943.1 BTC that remained in its existing treasury reserves.

As of February 13, Bitdeer still held 943.1 BTC. By the following week, all of that had been sold. Mining firms typically sell a portion of newly mined coins to cover operating expenses such as electricity and equipment, but they often retain a treasury balance for price exposure. Completely liquidating reserves is an uncommon step in the industry. Cointelegraph reported it had not received a response from Bitdeer for comment at the time of publication.

The timing of the treasury sale coincides with a separate capital raise that rattled markets. CoinDesk reported that Bitdeer shares fell as much as 17-18% after the company announced plans to raise $300 million through convertible senior notes due 2032, later priced at $325 million. The stock dropped from $9.61 to $7.88, falling below $8 for the first time since April 2025. The announcement extended Bitdeer's year-to-date share decline to roughly 29%.

The convertible notes carry a 5.00% annual interest rate and can be converted into cash, shares, or a combination at Bitdeer's election. The company plans to use the proceeds to refinance its existing 5.25% convertible notes due 2029, fund data center expansion, and grow its AI cloud and high-performance computing operations. Needham, which maintained a Buy rating, lowered its price target on the stock from $30 to $22, citing higher electricity costs and increased administrative expenses linked to AI hiring.

Selling the BTC treasury likely provides immediate liquidity to bridge cash needs while the debt transaction closes. We previously analyzed 100 documented reasons why nations and corporations hold Bitcoin in reserve — the Bitdeer move stands in contrast to that accumulation trend, illustrating how operational pressures can force even dedicated mining companies to exit Bitcoin positions entirely.

Bitdeer's decision does not stand alone. Bitcoin hashprice — the daily revenue a miner earns per unit of computing power — dropped back below $30 per petahash per day following the February 19 network difficulty increase, according to CryptoSlate. That level is widely considered a stress threshold for most operators, depending on machine efficiency and debt load. Forecasting tools point to a potential difficulty decrease of around 11% in early March, which could provide some relief to miners without requiring a Bitcoin price rally.

The post-halving reality continues to shape the sector. Block rewards were cut from 6.25 BTC to 3.125 BTC per block in April 2024, and transaction fees have contributed less than 1% of miner revenue for most of the past year. The combined pressure of lower rewards, near-record network difficulty, and weak fees has pushed many operators toward hybrid business models. Bitdeer itself is redirecting capital toward AI infrastructure and data center capacity rather than pure Bitcoin production.

This pattern has spread across the mining sector. MARA Holdings recently acquired a majority stake in French computing infrastructure firm Exaion to expand into AI and cloud services. Companies including Hut 8, TeraWulf, and IREN are repurposing energy infrastructure for data-center use. Bitdeer's full treasury exit and its pivot toward convertible debt financing reflect the same structural shift: sustained pressure on mining economics is accelerating the industry's move away from Bitcoin-only balance sheet strategies toward diversified infrastructure plays.