Key Takeaways
- Bitdeer Technologies (BTDR) has eliminated its entire bitcoin treasury, reporting zero BTC holdings as of February 20 after holding approximately 2,000 BTC at year-end.
- The mining company liquidated its 943.1 BTC reserve alongside the 189.8 BTC produced during its final holding week.
- This treasury exit coincided with the company raising $325 million through convertible notes and $43.5 million via equity placement to finance artificial intelligence and data center initiatives.
- Network mining difficulty experienced a massive 14.7% surge — the steepest increase observed since May 2021 — driving hashprice down to sub-$30 per PH/s/day levels.
- Bitdeer maintains its position as the world’s largest publicly traded self-mining operation by hashrate (63.2 EH/s) despite maintaining zero bitcoin on its books.
In a dramatic strategic shift, Bitdeer Technologies has completely emptied its bitcoin treasury. The publicly traded mining operation reported holding zero BTC on February 20, marking a full departure from the approximately 2,000 BTC position it maintained at the beginning of 2025.
Through its weekly operational update shared on X, the company revealed it had sold the entire 189.8 BTC mined during the previous seven days while simultaneously liquidating the remaining 943.1 BTC from its corporate reserves. These totals do not include bitcoin held in custody for mining customers.
The treasury depletion unfolded gradually over several weeks. Corporate filings show Bitdeer maintained approximately 1,530 BTC at January’s close, which declined to 943.1 BTC by February 13. The final week of selling eliminated all remaining holdings.
Bitdeer Technologies Group, BTDR
This positions Bitdeer as the only major publicly listed bitcoin mining company operating self-managed hashrate without any BTC treasury position. By comparison, MARA Holdings maintains approximately 53,250 BTC in reserves. Riot Platforms controls roughly 18,000 BTC. Strategy, the dominant corporate bitcoin accumulator, has amassed more than 717,000 BTC.
What drove this complete liquidation?
Deteriorating Mining Profitability
The economics of Bitcoin mining have severely deteriorated. Network difficulty experienced a 14.7% upward adjustment in its most recent recalibration — representing the largest single increase since May 2021. This surge followed a temporary reprieve when severe winter storms across the United States forced mining operations offline. As these facilities resumed operations, difficulty rebounded aggressively.
Hashprice, which measures mining profitability per unit of computational power, has plummeted below $30 per petahash per day. This metric now hovers perilously near all-time lows.
Bitdeer’s financial performance reflects these challenging conditions. The company’s gross margin compressed to just 4.7% during Q4, down from 7.4% in the same quarter one year prior. Such razor-thin margins make treasury accumulation strategies extremely difficult to sustain.
The organization has not issued any public statement clarifying whether zero bitcoin holdings represent a permanent operational philosophy or a temporary liquidity measure connected to its recent capital-raising activities.
Strategic Reorientation Toward Artificial Intelligence
On February 20 — the identical day Bitdeer reported zero BTC holdings — the company unveiled a $325 million private placement of convertible senior notes. Additionally, a $43.5 million equity offering was announced during the same timeframe.
According to the company’s capital allocation plan, $138.2 million from these proceeds will be directed toward repurchasing existing 5.25% convertible notes maturing in 2029, effectively extending debt maturity profiles. An additional $29.2 million will fund capped call transactions designed to mitigate equity dilution if share prices appreciate.
Remaining capital will be deployed toward high-performance computing infrastructure, AI cloud computing services, proprietary ASIC semiconductor development, and expanded data center capacity.
The convertible note transaction is scheduled to finalize on February 24, with initial purchasers holding an option to acquire an additional $50 million in notes.
Perhaps the most striking contradiction in this narrative: despite completely exiting its bitcoin treasury position, Bitdeer has overtaken Marathon Digital to claim the title of world’s largest publicly traded self-mining operation. Its self-operated hashrate now stands at 63.2 EH/s, surpassing Marathon’s 60.4 EH/s.
Separately, Bitdeer is currently defending against a securities class-action lawsuit filed in the Southern District of New York alleging misleading statements regarding its SEAL04 chip development schedule.
