The largest publicly traded bitcoin miner has just done the unthinkable.
While its peers are busy stacking coins, Singapore-based Bitdeer Technologies Group has completely cleared out its corporate treasury.
By 20 February 2026, the company’s balance of proprietary bitcoin hit zero.
This wasn't a panicked sell-off but a calculated liquidation of 943.1 bitcoin from its reserves, paired with the immediate sale of 189.8 newly mined coins.
In a single week, Bitdeer moved 1,132.9 bitcoin off its books, marking a total departure from the "hold at all costs" strategy that has defined the mining industry for years.
The move has raised eyebrows across the sector because it contradicts the habits of other industry giants.
For context, MARA Holdings currently sits on over 53,000 BTC, while Riot Platforms holds nearly 18,000 BTC.
Source: bitcointreasuries.net
Bitdeer, however, is looking at a different horizon.
The company is pivoting toward high-performance computing and artificial intelligence infrastructure.
Building AI-ready data centres in the US and Europe requires massive upfront liquidity, cash that is more useful today than a digital reserve.
By offloading its treasury, Bitdeer is repositioning itself as a diversified computing power provider rather than just a bitcoin harvester.
The liquidation is only one part of a broader financial restructuring.
To support its shift into AI and the development of its SEALMINER hardware, Bitdeer launched a $325 million private offering of convertible senior notes.
The plan is specific: $138.2 million is earmarked to buy back older debt maturing in 2029, effectively cleaning up the balance sheet and extending its financial runway.
Another $29.2 million will manage capped call transactions to protect shareholders from dilution.
The rest of the capital is being funneled directly into the hardware and infrastructure needed to compete in the global AI race.
This exit comes at a time when the mining industry is feeling the squeeze.
Network difficulty recently jumped by 14.7%, the sharpest spike in nearly five years, which has sent mining profitability, or "hashprice," sliding toward record lows below $30 per petahash per day.
Despite these headwinds, Bitdeer has actually grown its operational muscle.
It recently reached a self-mining capacity of 63.2 EH/s, technically overtaking Marathon Digital to become the largest publicly traded self-miner by hash rate.
It is a strange paradox that the company is mining more bitcoin than ever before, yet it refuses to keep a single coin for itself.
Management is aware that a zero-bitcoin balance sheet might rattle some investors, but they insist the decision is about preparation, not a lack of faith in the asset.
The company is currently eyeing several "non-binding powered land acquisition opportunities" that require ready cash.
Addressing the public on X on 20 February 2026, the firm shared its perspective:
“Our decision to sell Bitcoin should not be a concern for the broader market. We are currently evaluating multiple non-binding powered land acquisition opportunities, and we believe it is prudent to prepare liquidity now.”
While the treasury is empty, the machines are still humming.
The company has no intention of switching off its rigs; it simply prefers cash over coins to fund its growth.
In the same X post, the firm has clarified that its operational goals remain unchanged.
“Our hash rate will continue to grow, and we will continue to mine more Bitcoin for the interest of our shareholders.”
By treating bitcoin as a product to be sold rather than a reserve to be kept, Bitdeer is betting that infrastructure and AI services will provide more stability than the volatile swings of the crypto market.
The strategy ensures they can scale their hardware and data centres without being tethered to the price fluctuations of the coins they produce.
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