Bitdeer Liquidates Entire Bitcoin Treasury, Holdings Fall to Zero

In a surprising move that has caught the attention of the crypto community, Bitdeer Technologies, one of the world’s largest Bitcoin mining firms, has completely liquidated its corporate Bitcoin treasury. As of February 20, 2026, the company reported zero BTC holdings, marking the end of an eight‑week drawdown that began with roughly 2,000 BTC at the close of 2025.

What Happened?

• Bitdeer produced 189.8 BTC during the reporting period and sold the entire amount.
• The firm also liquidated 943.1 BTC from reserves in a single week.
• Altogether, this wiped out its balance sheet holdings, excluding customer deposits.

Why Did Bitdeer Sell?
The company’s decision appears to be driven by a strategic shift:

• Bitdeer raised $300 million in convertible notes and $43.7 million in equity, bolstering liquidity.
• Reports suggest the firm is reallocating capital toward AI data center expansion, signaling a broader diversification beyond Bitcoin mining.

Market Impact

• Bitdeer’s stock price declined following the announcement, reflecting investor concerns about the firm’s departure from the traditional “HODL” strategy favored by many public miners.
• However, Bitdeer simultaneously surpassed Marathon Digital in self‑managed hashrate, becoming the largest public Bitcoin miner by capacity.

Industry Implications
Bitdeer’s liquidation marks a sharp break from the conventional approach of accumulating Bitcoin as a treasury asset. Instead, the company is prioritizing liquidity and diversification. While some see this as a bearish signal, others argue it reflects a pragmatic adaptation to volatile market conditions and the rising demand for AI infrastructure.