TLDR
- As of February 20, Bitdeer (BTDR) revealed its balance sheet contains zero Bitcoin, a dramatic shift from approximately 2,000 BTC held at the close of 2024.
- The mining operation sold off its full 943.1 BTC holdings along with an additional 189.8 BTC freshly mined during that week.
- Mining profitability collapsed after network difficulty climbed 14.7% — marking the steepest increase recorded since May 2021.
- A $325M convertible note offering was completed to finance Bitdeer’s transition into AI computing and data infrastructure.
- The company now operates as the world’s top publicly listed self-mining operation at 63.2 EH/s while maintaining zero Bitcoin reserves.
Bitdeer Technologies has completely liquidated its Bitcoin position. The company’s Feb. 20 disclosure revealed a balance of zero BTC — a dramatic reversal from the approximately 2,000 Bitcoin it maintained just two months prior.
Bitdeer Technologies Group, BTDR
Through a production update shared on X, the mining firm acknowledged selling all 189.8 BTC generated during its most recent operational week, while simultaneously disposing of its entire 943.1 BTC strategic reserve. These totals don’t include customer-held deposits.
The liquidation occurred at remarkable speed. The company’s holdings stood near 1,530 BTC at January’s conclusion, contracted to 943.1 BTC by mid-February, then vanished entirely within seven days.
This development positions Bitdeer as the premier publicly listed bitcoin mining enterprise by self-operated hashrate to maintain a completely empty Bitcoin treasury. MARA Holdings maintains approximately 53,250 BTC in reserves. Riot Platforms currently holds roughly 18,000 BTC. Strategy has amassed more than 717,000 BTC.
Mining Profitability Reaches Critical Lows
The sell-off coincides with devastating conditions for mining operations. Network difficulty experienced a 14.7% surge during its latest recalibration — representing the most significant single adjustment witnessed since May 2021. This spike emerged after a temporary reprieve caused by winter weather events that temporarily disabled U.S.-based mining facilities. When operations resumed, difficulty immediately rebounded.
Hashprice collapsed beneath the $30 per petahash daily threshold, hovering dangerously close to record lows. Bitdeer’s gross profit margin compressed to just 4.7% during Q4, deteriorating from 7.4% in the prior year period. Operating under such razor-thin margins makes maintaining Bitcoin reserves an expensive proposition the firm evidently chose to abandon.
Strategic Capital Raise Fuels AI Infrastructure Expansion
Coinciding with its zero-Bitcoin disclosure, Bitdeer unveiled a $325 million private placement of convertible senior notes, complemented by a $43.5 million equity offering.
From these proceeds, $138.2 million will retire existing 5.25% convertible notes scheduled to mature in 2029 — effectively refinancing obligations and extending the company’s financial flexibility. An additional $29.2 million funds capped call arrangements designed to minimize equity dilution.
Remaining capital targets high-performance computing infrastructure, artificial intelligence cloud platforms, proprietary ASIC chip engineering, and expanded data center capacity. The note transaction is scheduled to finalize on Feb. 24, with buyers holding rights to acquire an additional $50 million.
Bitdeer hasn’t publicly clarified whether its zero-Bitcoin position represents a long-term strategic direction or a temporary capital management decision connected to fundraising activities.
A noteworthy paradox: despite holding no Bitcoin whatsoever, Bitdeer just claimed the title of world’s largest publicly traded self-mining operation. Its self-managed hashrate climbed to 63.2 EH/s, narrowly surpassing Marathon Digital’s 60.4 EH/s.
The company simultaneously faces ongoing securities litigation in New York’s Southern District Court regarding alleged misleading statements concerning its SEAL04 chip development schedule.
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