In a significant move within the cryptocurrency sector, Bitcoin mining company Bitdeer has liquidated its remaining treasury holdings of 943.1 bitcoin, bringing its corporate bitcoin balance to zero. This decision was finalized on Friday and marks the conclusion of an eight-week process that began with approximately 2,000 BTC at the end of 2025. During the final week, Bitdeer also sold 189.8 BTC, which it had mined during this timeframe.
Despite this drastic step, Bitdeer’s Chairman and CEO Jihan Wu reassured stakeholders on social media platform X, stating that having zero bitcoin today does not imply the company will maintain this position indefinitely. The recent sales coincided with Bitdeer’s successful closure of a $325 million convertible notes offering and a $43.5 million equity placement. The funds will be utilized for acquiring powered land, expanding data centers, and shifting focus towards artificial intelligence (AI) and high-performance computing initiatives.
Bitdeer emphasized that the decision to sell bitcoin should not raise alarms within the broader market. The company is actively evaluating various powered land acquisition opportunities and believes maintaining liquidity is a wise choice in anticipation of future commitments. It has reiterated plans to continue expanding its mining hashrate, asserting that the recent sales should not be a cause for concern.
Reactions to Bitdeer’s liquidation have been mixed. Some industry experts have expressed skepticism about the timing of the sales. For instance, CoinDesk senior analyst James Van Straten characterized the situation as “panic selling at the lows,” especially considering Bitdeer’s recent capital raise. Meanwhile, Braiins CEO Eli Nagar suggested that there are better liquidity options available and argued that selling bitcoin—viewed as a highly valuable asset—should not be the initial choice.
This shift in strategy aligns with a broader trend observed across the bitcoin mining sector over the past year, where companies have increasingly opted to convert their bitcoin holdings into cash to support diversification efforts beyond cryptocurrency. Cango is one of the latest examples, having sold 4,451 bitcoins for around $305 million to reduce debt and strengthen its financial position while venturing into AI infrastructure.
Additionally, Riot Platforms made headlines late last year by selling approximately $200 million worth of bitcoin to bolster its operations and AI initiatives. Activist investor Starboard Value has even urged Riot to expedite its AI and data-center expansion efforts, noting that the company’s shares have underperformed compared to competitors with more robust AI agreements. Some bitcoin miners, like Bitfarms, have completely abandoned bitcoin mining in favor of other ventures.
Bitdeer’s pivot to AI is particularly striking given its historical context; the company was spun off from Bitmain, a leading bitcoin mining ASIC manufacturer, in 2021. According to analysts at JPMorgan, Bitdeer currently possesses the largest self-mining hashrate among publicly traded companies.
In the backdrop of these developments, bitcoin has struggled, trading approximately 47% below its all-time high of near $125,000 set in October. Doubts about bitcoin’s status as digital gold have arisen, particularly as physical gold has shown greater resilience amid geopolitical uncertainties. Concerns regarding potential quantum computing threats to digital security have also circulated, though many industry insiders view these risks as manageable and distant.
Layered on this are the rising production costs for miners, largely driven by local electricity rates. Recent events, such as Winter Storm Fern, which caused spikes in electricity prices due to increased heating demand, have highlighted the economic pressures facing bitcoin mining operations.
Interestingly, some miners are exploring innovative ways to utilize waste heat from their operations as a revenue source. For example, Marathon Digital’s district-heating pilot in Finland has expanded its reach to cover nearly 80,000 residents, while other similar initiatives in Canada and the Netherlands harness mining waste heat to warm greenhouses and residences.
Moving forward, it’s evident that many data centers in the mining sector are poised to pivot toward more profitable ventures as opportunities arise. However, those who maintain reserves of bitcoin are likely betting on the long-term potential of the asset as a future global reserve currency.
