Bitdeer Technologies has completely eliminated the corporate treasury of bitcoin, reporting that zero BTC has been held since Feb. 20 and ends the eight-week withdrawal from about 2,000 BTC by the end of the year 2025.
In the latest weekly production update, the Singapore-based miner revealed that it produced 189.8 BTC during the period and sold the entire amount. It also withdrew its remaining 943.1 BTC from reserves in one week, wiping out its balance sheet. The figures do not include customer deposits.
The move marks a sharp break from the common strategy of public miners to accumulate bitcoin as a commodity of wealth. With the completion, Bitdeer becomes the largest publicly traded miner with a mining hashrate to hold bitcoin on its balance sheet.
The selloff caps a further decline in the stock price that has accelerated this month. Bitdeer held about 1,530 BTC at the end of January before cutting that figure to 943.1 BTC in Feb. 13. Last week’s transactions cleared the outstanding balance completely.
The decision comes as the mining economy is strengthening. The Bitcoin network difficulty has recently jumped 14.7%, and the hashprice has dropped below $30 per PH/s/day. Bitdeer’s ratio fell to 4.7% in the fourth quarter, down from 7.4% last year, indicating increased operating pressure following half-time competition and increases.
At the same time, the company is raising capital to fund expansion beyond precious metals. Bitdeer recently priced a $325 million convertible note offering and a $43.5 million placement, earmarked for data center construction, ASIC development and growth in high-performance computing (HPC) and AI cloud services.
Bitdeer stock was trading near $7.75 in pre-market trading.
Bitdeer: Bitcoin sales are worry-free
In a post on X, the company said that the decision to sell and liquidate should not be interpreted as an indication about the long-term prospects of Bitcoin. Instead, it framed the decision as a measure to pay money tied to exploring more opportunities for land acquisition and scaling infrastructure.
“Our decision to sell Bitcoin should not concern the broader market,” Bitdeer said.
Operationally, Bitdeer’s mining output has increased. The company mined 668 BTC in January, up 430% year-over-year, and increased its mining hashrate to 63.2 EH/s, with a total proprietary hashrate of 65.1 EH/s. However, instead of storing coins, the company converts production into cash to support capital expenditures.
The zero-BTC position sets Bitdeer apart from peers that continue to hold significant reserves. MARA Holdings maintains a wallet of approximately 53,250 BTC, while Riot Platforms holds approximately 18,000 BTC. Strategy, formerly known as MicroStrategy, remains the largest investor with over 717,000 BTC on its balance sheet.
Across the industry, miners are increasingly allocating capital towards AI and HPC infrastructure, which can provide contract income that is not directly linked to bitcoin price cycles. Bitdeer has started rolling out NVIDIA GB200 NVL72 systems in Malaysia and is converting some sites in the United States and Europe from crypto mining centers to AI data centers.
The company has not indicated that it intends to renew its bitcoin position in the future.
All this happened as the price of Bitcoin fell more than 5% on Sunday evening EST, slipping below $65,000 and most of the movement came from a sharp two-hour sell-off driven by large holders sending coins to the exchange and recent buyers exiting at a loss.
The decline pushed Bitcoin closer to $64,500, down nearly $3,500 on the day, after a weekend breakout from $67,000 in a range that took time to consolidate and quickly became a minor currency.
The drop also marks Bitcoin’s first stretch of six consecutive negative weekly closes, six straight closes below its 100-week moving average, and three consecutive weekly closes below its 2021 high.
At the time of writing, Bitcoin is trading slightly above $66,000.
