The Singapore-based miner dumped its entire BTC treasury to fund an aggressive pivot into AI and high-performance computing infrastructure
Bitdeer Technologies has sold every single Bitcoin it owned. Since February 21, the NASDAQ-listed mining firm has offloaded more than 3,231 BTC worth over $205 million, choosing cold hard cash over the digital gold it spent massive amounts of energy producing.
From Bitcoin maximalist to zero holdings #
The liquidation was swift and deliberate. Bitdeer held approximately 1,530 BTC at the end of January 2026. By February 20, that number was zero.
In one particularly aggressive weekly stretch, the company sold 189.8 newly mined BTC alongside 943.1 BTC from its existing reserves. Every coin mined after that point has been sold immediately upon production, a strategy that has now generated the $205 million-plus total.
Bitdeer produced 705 BTC in February 2026 alone, a 541% increase compared to the same month a year earlier. Its self-mining hash rate hit 68 EH/s, with total hash power under management reaching roughly 79 EH/s.
Where the money is going #
The $205 million in Bitcoin sales is funding Bitdeer’s transformation from a pure-play crypto miner into a hybrid tech infrastructure company. The capital is being directed toward powered land acquisitions and expansion into AI and high-performance computing data centers.
Bitdeer has been deploying NVIDIA GB200 GPU systems, the kind of hardware that powers large language models and AI workloads. The company has also raised $325 million through a convertible notes offering and approximately $43.5 million from equity placements in early 2026. Combined with the Bitcoin liquidation proceeds, that gives Bitdeer a war chest approaching $575 million earmarked specifically for data center growth and advanced computing deployments.
A mining industry in transition #
Bitdeer isn’t operating in a vacuum. The broader Bitcoin mining industry has been steadily drifting toward AI revenue diversification, with firms like Riot Platforms and Bitfarms pursuing similar strategic pivots. Bitcoin miners already own the three things AI companies desperately need: massive power capacity, cooling infrastructure, and physical space.
But Bitdeer’s approach stands out for its totality. Most miners pursuing AI diversification maintain at least some Bitcoin on their balance sheets as a treasury reserve. Bitdeer went to zero.
What this means for investors #
Mining firms have historically acted as natural accumulators, absorbing newly created supply and reducing the amount of Bitcoin hitting exchanges. When miners flip to immediate-sell strategies, that absorption disappears. Every block reward becomes instant sell pressure.
The $325 million convertible notes offering and $43.5 million equity raise suggest that capital markets are, at minimum, willing to fund this thesis. If other major miners follow Bitdeer’s lead and go to zero on their BTC holdings, it could meaningfully reshape how Bitcoin’s post-halving supply dynamics play out, with miners collectively selling all new supply rather than holding portions of it — representing a structural change in how roughly 450 BTC per day of new issuance enters the market.
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