Singapore-based cryptocurrency mining firm Bitdeer has announced that, as of February 20, it has sold off its entire bitcoin reserve, bringing its on-balance-sheet BTC holdings to zero. The company, which began the year with approximately 2,000 BTC, gradually liquidated its holdings over an eight-week span, culminating in a complete exit from holding bitcoin on its books.
Strategic Shift in the Mining Sector
With this decision, Bitdeer departs from the traditional BTC accumulation strategy typically favored by mining companies. According to the firm’s latest weekly production report, the entire 189.8 BTC mined recently was sold, and a single transaction cleared the remaining 943.1 BTC from its reserves. As a result, Bitdeer has fully divested from direct bitcoin holdings, setting a new precedent in the industry.
Mounting Economic Pressures on Miners
Behind the selloff lie growing economic pressures in the mining sector. The Bitcoin network’s mining difficulty rose by 14.7% recently, while hashprice—a key profitability metric for miners—declined markedly. Bitdeer’s gross profit margin dropped to just 4.7% in the final quarter of last year. Analysts point to increased competition following the block reward halving and rising operational expenses as main drivers behind these tightening margins.
Looking beyond mining alone, Bitdeer is prioritizing investments in data centers and expanding into high-performance computing (HPC) and artificial intelligence (AI) cloud services. To support these initiatives, the company raised new capital—issuing $325 million in convertible bonds along with a $43.5 million stock offering. The funds are earmarked primarily for building new data centers and developing advanced ASIC mining equipment.
Company Clarifies Motives for Bitcoin Selloff
Bitdeer emphasized that its decision to sell all held bitcoin should not be interpreted as a lack of confidence in BTC or as a negative signal to the market. In a social media statement, leadership underscored that the move was motivated by liquidity management needs and infrastructure development, rather than changing long-term expectations for bitcoin itself.
“We do not view our decision to sell bitcoin as cause for broader market concern,” the company’s statement read.
The company also reported a sharp increase in production capacity in recent months. In January, Bitdeer mined 668 BTC—a 430% year-over-year surge—and boosted its self-mining hashrate to 63.2 EH/s. Yet, rather than holding onto these newly mined bitcoins, Bitdeer opted to convert them into cash, reinforcing its strategic pivot.
As the first major publicly listed miner to hold zero bitcoin reserves, Bitdeer has clearly distinguished itself from other large players in the industry. For comparison, MARA Holdings currently holds an estimated 53,250 BTC, while Riot Platforms’ reserves stand at roughly 18,000 BTC. After rebranding as “Strategy,” MicroStrategy boasts a balance sheet with more than 717,000 BTC.
There is a notable trend among mining firms turning toward AI and HPC infrastructure. Bitdeer has launched new AI cloud projects in Malaysia using NVIDIA GB200 NVL72 systems, and several mining operations in the US and Europe are being converted into AI-focused data centers as the industry diversifies beyond traditional crypto mining.
Bitdeer has not indicated whether it plans to return to accumulating bitcoin reserves in the near future. The company remains tight-lipped on future treasury strategies as it advances its expansion into AI and high-performance computing.
This period of change coincides with significant volatility in the price of bitcoin itself. On March 17, bitcoin’s value fell by over 5% in a short span, slipping below the $65,000 mark. The week closed negative for the sixth consecutive time, with price action remaining under the 100-week moving average. At present, bitcoin is trading just above $66,000.
