Bitdeer Technologies, traded on Nasdaq under the ticker symbol BTDR, announced that as of February 20th, it had zeroed out all its Bitcoin reserves. According to the company's weekly production update, it no longer holds a single BTC.
Sales did not parallel production.
Bitdeer not only depleted its reserves but also completed an aggressive liquidation process by selling the 189.8 BTC it produced in the last week. In addition, the company sold off its remaining 943.1 BTC reserves within the same week. Thus, the company's treasury, which was around 2,000 BTC at the end of the year, was completely emptied after eight weeks of staggered sales.
At the end of January, Bitdeer held approximately 1,530 BTC, and as of February 13th, it had reduced its reserves to 943.1 BTC. At that time, the company had produced 183.4 BTC and sold 179.9 BTC. In other words, it was following a sales policy almost parallel to its production. However, the move in the last week indicated a much sharper shift compared to the previous period. This development made Bitdeer the first major player to hold zero BTC on its balance sheet, while it is the largest publicly traded Bitcoin miner in terms of self-mining hashrate. In contrast, other giants in the sector stand out with strong reserve strategies. For example, MARA Holdings holds approximately 53,250 BTC, while Riot Platforms has approximately 18,000 BTC. On the institutional side, Strategy holds the largest corporate treasury with assets exceeding 717,000 BTC. Bitdeer's choice coincided with a period of increasing market tightness. In the last difficulty adjustment, the Bitcoin network difficulty increased by 14.7 percent. Hashprice fell below $30/PH/s/day. The company's gross profit margin also decreased from 7.4 percent in the fourth quarter of 2024 to 4.7 percent. Increased competition, rising energy costs, and shorter hardware cycles are forcing miners to make tougher decisions about where to direct every dollar.
Bitdeer management has not made a clear statement on whether the reserve sale is a permanent shift in treasury strategy or a result of a temporary cash shortage. However, the timing is noteworthy. The company recently announced a plan to issue $325 million in convertible bonds and sell $43.5 million in shares. These resources were stated to be used for data center expansion and AI-focused cloud infrastructure investments.
This shows that mining companies are evolving from structures that only accumulate Bitcoin to technology companies focused on infrastructure and computing power. Bitdeer chose to focus on active capacity expansion instead of holding passive assets. Data centers provide both a scale advantage in Bitcoin mining and can create different revenue streams by serving AI workloads. While many companies in the sector still see BTC as a strategic reserve or macro-risk hedging tool, Bitdeer's move has reignited the capital efficiency debate. For miners looking to reduce their dependence on crypto price cycles and increase their cash flow generation capacity, this model could offer a new roadmap. Whether the company will resume accumulating Bitcoin in the coming weeks will be closely watched.
