#BitdeerLiquidates943.1BTCReserves
Bitdeer Technologies (NASDAQ: BTDR), a leading Bitcoin mining company founded by Jihan Wu (former co-founder of Bitmain), has fully liquidated its entire corporate Bitcoin treasury, reducing its self-owned holdings to zero BTC (excluding customer deposits) as of February 20, 2026. This marked the culmination of an eight-week gradual drawdown that began with roughly 2,000 BTC at the end of 2025.
Timeline of the Liquidation
End of 2025: Approximately 2,000 BTC held on the balance sheet.
End of January 2026: Holdings reduced to about 1,530 BTC.
Mid-February 2026 (around February 13): Down to 943.1 BTC remaining in reserves.
Week ending February 20, 2026: The company mined 189.8 BTC and sold every single one of them. In the same week, it offloaded the remaining 943.1 BTC from reserves in a single large transaction.
Total sold in final week: Over 1,132 BTC (943.1 from reserves + 189.8 newly mined), generating roughly $68–$79 million in liquidity (based on Bitcoin trading in the $60,000–$70,000 range during that period, with BTC around $65,000–$68,000 at the time of announcements).
This was not a sudden panic sell but a deliberate, phased strategy announced in weekly production updates via X (formerly Twitter) by Bitdeer.
Key Reasons for the Sale
Bitdeer cited several strategic and operational factors:
Building Liquidity for Growth Initiatives
The primary driver is to secure cash for acquiring "powered land" — pre-equipped sites with reliable electricity supply ideal for large-scale data centers. Bitdeer is actively evaluating multiple non-binding proposals for such acquisitions. Holding cash is seen as prudent to move quickly on these opportunities rather than relying on volatile Bitcoin as collateral or a reserve asset.
Strategic Pivot to AI, High-Performance Computing (HPC), and Data Centers
Like several other major miners in 2026, Bitdeer is diversifying beyond pure Bitcoin mining. The company has been aggressively expanding into AI infrastructure:
Deploying NVIDIA GB200 NVL72 systems in Malaysia for enterprise-grade AI training.
Converting existing Bitcoin mining sites in the U.S. (e.g., Knoxville, Tennessee; Wenatchee, Washington) and Europe (e.g., Tydal, Norway) to AI/HPC workloads, with some targeted for completion by Q4 2026.
Planning U.S. leasing for GPU deployments and AI cloud services as early as Q1 2026.
To fuel this shift, Bitdeer raised significant capital recently, including a $325 million upsized convertible notes offering and a $43.5 million equity placement. Selling Bitcoin reserves provides additional immediate liquidity to support these expansions, ASIC development, and general operations.
Challenging Mining Economics
Bitcoin mining profitability remains squeezed in early 2026 due to:
Rising power costs (especially in winter months for some regions).
Increasing network difficulty.
Bitcoin price volatility and a pullback from 2025 peaks (trading ~50% below all-time highs in the $60K–$70K band).
By selling mined and held BTC, Bitdeer treats production as a direct cash flow generator rather than accumulating it as a treasury asset amid tight margins.
CEO Jihan Wu addressed market concerns directly on X, stating: "Now holding 0 does not mean it will always be 0 in the future." He emphasized that this is a temporary capital allocation choice to prioritize growth, and the company plans to continue expanding its hash rate while mining more Bitcoin for shareholders long-term.
Implications for Bitdeer
Short-term: Zero BTC on the balance sheet reduces exposure to price swings but also removes a natural hedge or "digital gold" reserve that many miners use.
Long-term: The move strengthens operational flexibility, funds infrastructure growth, and positions Bitdeer (already one of the largest by hash rate) to capture revenue from the booming AI sector. Newly mined BTC will now primarily be sold for cash rather than held.
Stock Impact: BTDR shares experienced volatility following the announcements and capital raises, with some reports noting declines as investors digested the pivot away from a pure "HODL" strategy.
Broader Market and Bitcoin Impact
Selling Pressure: Bitdeer's dump (over 1,100 BTC in one week) added to miner selling across the sector. Public miners collectively reduced holdings by about 4.44% month-over-month to around 115,335 BTC (~$7.4 billion) by February 20, 2026 — the first major contraction in treasury sizes since miners began treating BTC as a reserve asset. Other examples include Riot Platforms selling significant amounts late in 2025 and others like Cango pivoting funds to AI.
Industry Trend — "Miner Capitulation": Heavy selling by miners during margin pressure is often viewed as a contrarian signal of potential market bottoms, as it flushes out weaker participants and reduces future selling overhang.
Not a Major Threat to BTC Price: Bitdeer stressed that "this should not be a concern for the broader market." The amounts sold are modest relative to daily BTC trading volume (~billions) or total supply. Bitcoin's price is driven more by macroeconomic factors, ETF inflows/outflows, institutional adoption, and global events than by any single miner's actions.
Positive Outlook: If proceeds successfully fund hash rate growth and AI revenue streams, it bolsters the mining ecosystem's resilience and network security. This reflects a maturing sector adapting to new opportunities beyond crypto volatility.
In essence, Bitdeer's decision highlights the 2026 reality for many miners: Bitcoin mining alone faces headwinds, but combining it with AI/HPC infrastructure offers diversification and potentially higher returns. This is less about abandoning Bitcoin and more about pragmatic adaptation for sustained growth.
Bitdeer Technologies (NASDAQ: BTDR), a leading Bitcoin mining company founded by Jihan Wu (former co-founder of Bitmain), has fully liquidated its entire corporate Bitcoin treasury, reducing its self-owned holdings to zero BTC (excluding customer deposits) as of February 20, 2026. This marked the culmination of an eight-week gradual drawdown that began with roughly 2,000 BTC at the end of 2025.
Timeline of the Liquidation
End of 2025: Approximately 2,000 BTC held on the balance sheet.
End of January 2026: Holdings reduced to about 1,530 BTC.
Mid-February 2026 (around February 13): Down to 943.1 BTC remaining in reserves.
Week ending February 20, 2026: The company mined 189.8 BTC and sold every single one of them. In the same week, it offloaded the remaining 943.1 BTC from reserves in a single large transaction.
Total sold in final week: Over 1,132 BTC (943.1 from reserves + 189.8 newly mined), generating roughly $68–$79 million in liquidity (based on Bitcoin trading in the $60,000–$70,000 range during that period, with BTC around $65,000–$68,000 at the time of announcements).
This was not a sudden panic sell but a deliberate, phased strategy announced in weekly production updates via X (formerly Twitter) by Bitdeer.
Key Reasons for the Sale
Bitdeer cited several strategic and operational factors:
Building Liquidity for Growth Initiatives
The primary driver is to secure cash for acquiring "powered land" — pre-equipped sites with reliable electricity supply ideal for large-scale data centers. Bitdeer is actively evaluating multiple non-binding proposals for such acquisitions. Holding cash is seen as prudent to move quickly on these opportunities rather than relying on volatile Bitcoin as collateral or a reserve asset.
Strategic Pivot to AI, High-Performance Computing (HPC), and Data Centers
Like several other major miners in 2026, Bitdeer is diversifying beyond pure Bitcoin mining. The company has been aggressively expanding into AI infrastructure:
Deploying NVIDIA GB200 NVL72 systems in Malaysia for enterprise-grade AI training.
Converting existing Bitcoin mining sites in the U.S. (e.g., Knoxville, Tennessee; Wenatchee, Washington) and Europe (e.g., Tydal, Norway) to AI/HPC workloads, with some targeted for completion by Q4 2026.
Planning U.S. leasing for GPU deployments and AI cloud services as early as Q1 2026.
To fuel this shift, Bitdeer raised significant capital recently, including a $325 million upsized convertible notes offering and a $43.5 million equity placement. Selling Bitcoin reserves provides additional immediate liquidity to support these expansions, ASIC development, and general operations.
Challenging Mining Economics
Bitcoin mining profitability remains squeezed in early 2026 due to:
Rising power costs (especially in winter months for some regions).
Increasing network difficulty.
Bitcoin price volatility and a pullback from 2025 peaks (trading ~50% below all-time highs in the $60K–$70K band).
By selling mined and held BTC, Bitdeer treats production as a direct cash flow generator rather than accumulating it as a treasury asset amid tight margins.
CEO Jihan Wu addressed market concerns directly on X, stating: "Now holding 0 does not mean it will always be 0 in the future." He emphasized that this is a temporary capital allocation choice to prioritize growth, and the company plans to continue expanding its hash rate while mining more Bitcoin for shareholders long-term.
Implications for Bitdeer
Short-term: Zero BTC on the balance sheet reduces exposure to price swings but also removes a natural hedge or "digital gold" reserve that many miners use.
Long-term: The move strengthens operational flexibility, funds infrastructure growth, and positions Bitdeer (already one of the largest by hash rate) to capture revenue from the booming AI sector. Newly mined BTC will now primarily be sold for cash rather than held.
Stock Impact: BTDR shares experienced volatility following the announcements and capital raises, with some reports noting declines as investors digested the pivot away from a pure "HODL" strategy.
Broader Market and Bitcoin Impact
Selling Pressure: Bitdeer's dump (over 1,100 BTC in one week) added to miner selling across the sector. Public miners collectively reduced holdings by about 4.44% month-over-month to around 115,335 BTC (~$7.4 billion) by February 20, 2026 — the first major contraction in treasury sizes since miners began treating BTC as a reserve asset. Other examples include Riot Platforms selling significant amounts late in 2025 and others like Cango pivoting funds to AI.
Industry Trend — "Miner Capitulation": Heavy selling by miners during margin pressure is often viewed as a contrarian signal of potential market bottoms, as it flushes out weaker participants and reduces future selling overhang.
Not a Major Threat to BTC Price: Bitdeer stressed that "this should not be a concern for the broader market." The amounts sold are modest relative to daily BTC trading volume (~billions) or total supply. Bitcoin's price is driven more by macroeconomic factors, ETF inflows/outflows, institutional adoption, and global events than by any single miner's actions.
Positive Outlook: If proceeds successfully fund hash rate growth and AI revenue streams, it bolsters the mining ecosystem's resilience and network security. This reflects a maturing sector adapting to new opportunities beyond crypto volatility.
In essence, Bitdeer's decision highlights the 2026 reality for many miners: Bitcoin mining alone faces headwinds, but combining it with AI/HPC infrastructure offers diversification and potentially higher returns. This is less about abandoning Bitcoin and more about pragmatic adaptation for sustained growth.
:
: