Bitdeer’s bitcoin treasury drops to zero after miner liquidates remaining 943 BTC

Bitdeer Technologies has completely emptied its corporate bitcoin treasury, reporting zero BTC holdings as of February 20, according to a recent production update. The Nasdaq-traded miner disclosed that it sold the 189.8 BTC it mined that week, along with liquidating its entire remaining reserve of 943.1 BTC. This final selloff followed a steady drawdown from roughly 2,000 BTC at year-end. The liquidation occurred shortly after Bitdeer announced a $325 million convertible notes offering and a $43.5 million equity placement intended to fund data center expansion and its AI pivot. Bitdeer's move to a zero-BTC position contrasts sharply with most publicly traded mining peers, such as MARA Holdings and Riot Platforms. The action comes amid tightening mining economics, marked by a significant jump in network difficulty and falling hashprice, which compressed Bitdeer's Q4 gross margin to 4.7%. The company has not specified if this represents a permanent strategy shift or a temporary need related to its capital raises, while also facing a securities class-action lawsuit.

(Source：The Block)