Bitdeer liquidates its BTC reserves: Is a harsh winter coming for mining companies or a breakthrough and rebirth for AI?

Family members, we have some big news today! Bitdeer, which just surpassed MARA to become the world's largest listed self-operated mining company, has actually emptied its coffers! In addition to customer deposits, they not only sold off all 189.8 BTC they recently produced, but also liquidated their reserves of 943.1 BTC.

Wall Street's Money, AI's Dream

If Bitdeer was simply forced to sell its tokens, it would indeed be a sad story. But on February 20th, they made a big move: announcing an expanded private placement of convertible senior notes to $325 million (expected to be completed on February 24th).

How will this money be spent? This is the essence of the gossip:

• Defense (Debt Restructuring): Use $138.2 million to repurchase existing notes maturing in 2029, effectively extending the funding runway.

  Insurance (Preventing Dilution): $29.2 million was spent on capped call options to protect existing shareholders from dilution from rising share price. Offense (All in AI): The remaining funds send a clear strategic signal—no longer a pure crypto mining company. The funds will be used to expand high-performance computing (HPC) and AI cloud businesses, develop proprietary ASIC miners, and expand data centers.

A Dramatic Industry Milestone

Incredibly, just as Bitdeer was liquidating its holdings and transforming its business, they achieved an industry milestone.

Yes, the world's largest listed proprietary mining company is now out of Bitcoin. This is a major slap in the face to the stereotype that "mining companies must be obsessed with Bitcoin." In the real business world, survival and capital efficiency always take precedence over sentimentality. The high profit margins of the AI ​​sector are reshaping the business model of traditional mining companies.

There's no need to despair about the price of Bitcoin because of Bitdeer's liquidation. A mere thousand-odd BTC selling pressure is negligible compared to the massive global trading volume.

There's no need to despair about the price of Bitcoin because of Bitdeer's liquidation. A mere thousand-odd BTC selling pressure is nothing compared to the sheer volume of global trading.