Bitdeer Technologies Group has fully liquidated its corporate Bitcoin treasury, reducing its “pure holdings” to zero.
Key Takeaways
- Bitdeer reduced corporate Bitcoin holdings to zero after selling 1,132.9 BTC.
- The company raised $325M in 5% convertible notes due 2032.
- Funds will support data center expansion, AI cloud infrastructure and ASIC development.
- The move contrasts sharply with HODL-focused strategies adopted by peers.
The move comes alongside a $300 million convertible senior notes offering, later upsized to $325 million with a $45 million greenshoe option, marking one of the most aggressive liquidity pivots among public miners in the post-halving era.
In its latest weekly update, the company disclosed that it produced 189.8 BTC during the reporting period and sold the entire amount. Additionally, Bitdeer liquidated 943.1 BTC from its existing reserves, bringing total sales to 1,132.9 BTC. At prevailing Bitcoin prices near $68,000, the proceeds are estimated between $64 million and $77 million.
A Full Treasury Exit
Just one week earlier, as of February 13, Bitdeer still held 943.1 BTC in reserves after selling most of its weekly production while maintaining treasury exposure. The latest disclosure confirms those remaining reserves have now been fully monetized.
While miners routinely sell portions of production to cover operating costs such as electricity and hosting, a complete treasury liquidation is less common among large publicly listed operators.
This reset effectively removes Bitcoin price volatility from Bitdeer’s balance sheet, converting crypto exposure into immediate liquidity.
Capital Raise and Growth Ambitions
The treasury liquidation coincides with a $300 million convertible senior notes offering bearing 5.00% interest and maturing in 2032. With the $45 million greenshoe option, total proceeds could reach approximately $363.7 million.
Net proceeds, estimated between $315.1 million and $363.7 million will be used for:
- Data center expansion
- AI cloud infrastructure development
- ASIC mining hardware R&D (including SEALMINER rigs)
- General corporate purposes and working capital
Additionally, Bitdeer executed a $43.5 million direct placement of Class A shares to certain noteholders, increasing capital flexibility but raising dilution concerns.
Operational Strength Amid Industry Headwinds
Founded by Jihan Wu, Bitdeer operates across Bitcoin mining, mining hardware sales, and emerging AI/HPC infrastructure. In Q4 2025, the company reported $224.8 million in revenue, up 226% year-over-year and swung to a $70.5 million net profit from a prior loss.
Its self-mining hashrate reached 55.2 EH/s, with total managed hashrate at 71 EH/s, placing it among industry leaders and surpassing some rivals in operational scale.
However, the post-2024 halving environment has compressed mining margins significantly. Rising network difficulty, increasing power costs, and softening hardware demand have intensified financial pressure across the sector.
Contrasting Treasury Plays: Bitdeer vs. the HODL Holdouts
Bitdeer’s full treasury exit stands in sharp contrast to peers maintaining large Bitcoin reserves.
- MARA Holdings: Holds approximately 53,000–55,000 BTC, reinvesting mined output and maintaining one of the largest public treasuries.
- Riot Platforms: Maintains roughly 18,000 BTC under a conservative accumulation strategy.
- CleanSpark: Balances selective selling with retaining core holdings.
- MicroStrategy: Holds over 700,000 BTC as a primary reserve asset.
Whereas “HODL” miners provide indirect BTC exposure to shareholders, Bitdeer is positioning itself as a liquidity-focused infrastructure operator, reducing crypto volatility while doubling down on expansion.
Why the Divergence Matters in 2026
Following the 2024 halving, reduced block rewards and rising difficulty have forced miners to sell a larger share of production to sustain operations. For Bitdeer, eliminating treasury exposure simplifies the balance sheet and channels capital toward scaling self-mining and AI infrastructure.
With industry players chasing an estimated 30 gigawatts of AI compute demand, substantial upfront investment is required. Convertible debt and equity offerings frequently coincide with BTC monetization to avoid excessive leverage.
Still, market perception remains divided. Shares reportedly fell around 17% following the debt announcement and liquidation disclosure, reflecting dilution concerns and skepticism about abandoning the HODL narrative.
Liquidity Over Exposure
Bitdeer’s zero-BTC treasury strategy underscores the financial pressures reshaping public miners in 2026. Rather than treating Bitcoin as a long-term balance-sheet asset, the company has opted for immediate liquidity to fund infrastructure growth.
The move signals a broader industry shift from “crypto treasury” models toward hybrid energy-compute strategies that blend mining with AI and high-performance computing services.
Whether this approach proves superior will depend on execution, particularly Bitdeer’s ability to scale AI revenue, maintain hashrate leadership, and manage debt obligations in a volatile sector.
As mining evolves in the post-halving landscape, pragmatic liquidity strategies may define the next generation of industry survivors.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/bitdeer-sells-entire-bitcoin-treasury-raises-325m-in-convertible-debt/
