Bitdeer Dumps Entire 1,132 BTC Treasury to Zero, Raises $325M for AI and Data Centers

Bitcoin mining firm Bitdeer Technologies Group (NASDAQ: BTDR) has erased its entire bitcoin treasury, selling a combined 1,132.9 BTC — comprising 943.1 BTC drawn from existing reserves plus 189.8 BTC produced during the reporting period — and reducing its holdings to zero. BTDR stock tumbled roughly 17% following the disclosure, which arrived alongside a $300 million convertible debt offering. Founded by Jihan Wu, Bitmain's former co-founder, Bitdeer sells bitcoin at a pace and scale that represents a dramatic break from conventional miner balance sheet management.

Why Bitdeer Liquidated Its Entire Bitcoin Treasury

Bitdeer sold a combined 1,132.9 BTC — including 943.1 BTC from existing reserves and 189.8 BTC mined during the reporting period — reducing its treasury to zero.

The speed of the reversal is striking. On February 13, the company still held 943.1 BTC in reserve and sold only 179.9 of the 183.4 BTC it had mined that week, indicating it was preserving the bulk of its stockpile. One week later, the company liquidated that entire reserve alongside all newly minted coins. Management appears to have concluded that redeploying capital into AI cloud and data center infrastructure outweighs the benefit of maintaining a BTC position, particularly as rising network difficulty and compressed hashprice have squeezed mining margins. The liquidation effectively finances Bitdeer's reinvention without diluting equity — at least on the reserve side.

$325 Million Convertible Note Offering and the Bitdeer AI Pivot

Concurrent with the treasury exit, Bitdeer launched a $300 million convertible senior notes offering, with an overallotment option that could expand the total raise to $345 million. The company identified four uses for the capital:

• Data center expansion
• AI cloud infrastructure growth
• ASIC mining chip development
• General corporate purposes

The Bitdeer AI pivot mirrors a wider trend reshaping the mining sector. Companies with large power reserves and data center footprints are increasingly offering high-performance computing capacity to meet surging AI workload demand. Bitcoin mining AI data center crossover is rapidly becoming standard strategy: Marathon Digital (MARA) reinforced this direction with its $168 million acquisition of Exaion, a French AI data center operator, underscoring that the sector's biggest players are moving capital toward compute-intensive AI services.

Bitdeer Now the Largest Bitcoin Miner by Self-Managed Hashrate

Even as its BTC balance sheet reaches zero, Bitdeer's core mining operations are accelerating. The company's self-managed hash rate climbed to 63.2 exahashes per second (EH/s), surpassing Marathon Digital's 60.4 EH/s. As of February 2026, Bitdeer leads all publicly traded Bitcoin miners by self-managed hashrate, operating at 63.2 EH/s versus MARA's 60.4 EH/s — making it the largest bitcoin miner hashrate leader among listed companies. The hashrate milestone gives Bitdeer a production advantage even as its treasury strategy diverges sharply from its peers.

BTDR Stock Falls 17% on Dilution Fears

Markets reacted sharply to the dual announcements. BTDR shares fell approximately 17% on the day, as investors weighed two simultaneous headwinds: the potential dilution from convertible debt instruments and the abandonment of a BTC reserve that had been seen as a balance sheet hedge. BTDR stock price declines reflect investor concern that the AI pivot may take time to generate returns comparable to simply holding bitcoin during a bull market cycle.

How Bitdeer's Strategy Diverges from MicroStrategy and Peers

Bitdeer's zero-BTC position sets it apart from virtually every other major player in the sector. MicroStrategy bitcoin holdings have grown into one of the largest corporate BTC positions in existence, with the firm treating bitcoin accumulation as its primary business thesis. Most miners follow a more measured bitcoin miner treasury strategy — selling enough newly mined coins to cover electricity and equipment costs while retaining a portion as a long-term reserve asset.

Marathon Digital exemplifies this balanced approach, holding roughly 46,000 BTC on its books despite simultaneously pursuing AI data center ventures. Bitdeer's decision to go all the way to zero suggests its management is betting that capital allocated to AI infrastructure will outperform passive bitcoin holding at current valuations — a thesis the market greeted with a swift sell-off, at least in the immediate term.

Bitdeer Technologies Group (NASDAQ: BTDR) is a Singapore-headquartered Bitcoin mining and semiconductor company founded by Jihan Wu, co-founder of Bitmain. The company operates large-scale data centers and develops proprietary ASIC mining chips.

Originally reported by Cointelegraph.