Bitdeer, a prominent player in the Bitcoin mining sector, has initiated a dramatic shift by liquidating its entire Bitcoin holdings, reducing its treasury balance to zero BTC. This move, executed during a period when Bitcoin’s price is hovering around $68,000—nearly 50% lower than its all-time peak—has raised eyebrows within the cryptocurrency community.
The decision to offload all mined Bitcoin, apart from customer deposits, comes at a time when Bitcoin mining profits are plummeting. On February 21, Bitdeer mined and sold approximately 184 BTC, in addition to an earlier release of 943.1 BTC from its reserves. This transaction marks a significant reduction from the company’s holdings, which stood at around 2,000 BTC at the beginning of 2026 and dropped to 1,530 BTC by the end of January.
Despite concerns among market participants, Bitdeer has not suggested that this treasury reduction stems from financial distress. Instead, the company may be recalibrating its financial strategy in response to current market conditions. It is also important to note that there is some confusion surrounding Bitdeer’s Bitcoin status, as several treasury tracking platforms continue to report figures ranging from 943 BTC to over 2,000 BTC. This inconsistency appears to be due to outdated data and the typical delays associated with quarterly reporting and on-chain wallet activity.
Bitdeer’s recent actions highlight its shift in focus beyond traditional Bitcoin mining. The company has announced a significant capital raise, including a $43.7 million equity offering and a convertible note agreement valued up to $325 million, aimed at funding expansion into artificial intelligence (AI) and high-performance computing (HPC). These sectors promise considerably higher revenues per megawatt of power compared to conventional mining operations, leading Bitdeer to redirect its capital toward more lucrative opportunities.
This transformation isn’t limited to Bitdeer. Other public mining companies, such as Riot, Core Scientific, and Cipher Mining, are adapting their business models to respond to low mining margins. Many are now selling mined Bitcoin or reallocating resources toward AI-centric initiatives. Reports indicate that approximately 70% of public miners have begun exploring AI or HPC projects, which can yield vastly superior revenue compared to Bitcoin mining.
Bitdeer’s complete exit from Bitcoin holdings sends a strong signal about potential structural changes within the mining sector. As the largest public miner by self-managed hashrate transitions away from Bitcoin reliance, other firms may soon follow suit, opting to sell their mined BTC and invest in AI-optimized data centers. For investors, this shift indicates that mining stocks may start to resemble technology infrastructure investments rather than just cryptocurrency proxies.
The trend appears to signify the fading era of accumulating Bitcoin following production, as the industry pivots toward opportunities in AI, which promise higher profit margins and less volatility compared to the currently unpredictable crypto markets. As 2026 unfolds, industry observers will be keenly watching to see how many miners adopt similar strategies in response to changing market dynamics.
