Bitdeer, a Singapore-based company specializing in bitcoin mining and AI infrastructure, has made a significant move by reducing its bitcoin treasury stash to zero. This shift marks a stark departure from the traditional approach many miners adopt, which often involves hoarding bitcoin as an indicator of market confidence, a strategy employed by companies such as MicroStrategy.
As of February 20, Bitdeer announced that it holds no BTC, excluding customer deposits. In its weekly performance update, the company reported mining 189.8 BTC within that period and subsequently sold the entire amount. Rather than using bitcoin as a reserve on its balance sheet, Bitdeer is focusing on converting its production into liquidity. The company elaborated on this decision via a post on X, asserting that it should not raise concerns in the broader market. Bitdeer is actively exploring multiple land acquisition opportunities and believes that maintaining liquidity is a prudent approach while it continues to enhance its hash rate and mine more bitcoin for its shareholders.
On the operational front, Bitdeer has shown robust growth. In January alone, the company mined 668 BTC, representing an impressive year-over-year increase of 430%. Additionally, they have boosted their self-mining hash rate to 63.2 EH per second, contributing to a total proprietary hash rate of 65.1 EH per second.
Moreover, Bitdeer is intensifying its foray into AI infrastructure by deploying NVIDIA GB200 NVL72 systems in Malaysia and progressing with the conversion of several sites in the U.S. and Europe from crypto mining to AI data centers. The transition to AI expansion is notably more capital-intensive than incremental bitcoin mining developments, necessitating large-scale GPU clusters and upgrades to data centers. To finance this ambitious endeavor, Bitdeer recently announced a $325 million convertible notes offering and a separate equity raise of $43.5 million, aimed at supporting data center expansion, high-performance computing (HPC), AI cloud growth, and the development of ASIC technologies.
This strategic pivot also reflects a broader trend in the sector, as companies seek to establish themselves as digital infrastructure and AI service providers rather than mere proxies tied to volatile bitcoin price cycles. Similar moves have been observed among peers in the industry. Riot Platforms, for instance, recently sold $200 million worth of bitcoin to sustain its operations and expand into AI, while Bitfarms is abandoning its identity as a “bitcoin company” in favor of a renewed focus on AI in the U.S. Meanwhile, Marathon Holdings has planned a 64% stake acquisition in Exaion, a France-based company specializing in HPC and AI.
Despite the transformative shifts, Bitdeer’s shares saw a slight decline of 1% in pre-market trading, holding at $7.70 per share. The ongoing developments with Bitdeer and its peers suggest a significant evolution within the sector, as companies adapt to changing market demands and technological advancements.
