TL;DR
- Bitdeer sold all corporate BTC, liquidating 943.1 BTC of reserves and 189.8 BTC mined, taking its treasury to zero.
- Management said the move preserves liquidity for “non-binding powered land” opportunities, while a 5.5 million Class A share offering supports expansion.
- The pivot aligns with miners targeting AI infrastructure as BTC stays volatile, down about 47% from October 2025 highs; BTDR is down 32.64% YTD into 2026 planning.
Bitdeer Technologies Group sold all of its remaining Bitcoin, taking its corporate BTC treasury to zero as it reorients capital toward AI data-center expansion. The treasury wipeout is being positioned as a liquidity-first strategic pivot. The company said it liquidated 943.1 BTC from reserves and also sold 189.8 BTC produced during its most recent operating week. In a Feb. 23 post, Bitdeer stressed the move does not affect user holdings and said it “should not be a concern for the broader market,” while it evaluates new growth initiatives, with management emphasizing balance-sheet flexibility over accumulation.
Our decision to sell Bitcoin should not be a concern for the broader market. We are currently evaluating multiple non-binding powered land acquisition opportunities, and we believe it is prudent to prepare liquidity now. Our hash rate will continue to grow, and we will continue…
— Bitdeer (@BitdeerOfficial) February 23, 2026
Liquidity now, AI capacity next
Bitdeer framed the sale as preparation for “non-binding powered land acquisition opportunities,” calling it prudent to build liquidity in advance of capital-intensive infrastructure decisions. Optionality is the operating keyword as the firm lines up powered sites and execution runway. The company said its hash rate will continue to grow, signaling ongoing mining operations even without BTC held on the balance sheet. It is also conducting an offering of 5.5 million Class A ordinary shares, cited as funding for further business expansion, aligning capital markets access with near-term build priorities across mining and AI infrastructure lines.
The treasury decision lands amid an industry-wide recalibration, where miners are increasingly pitching themselves as compute and AI infrastructure providers. The narrative shift is from coin accumulation to monetizing power, land, and racks. Bitdeer is described as part of that transition, with peers using data-center footprints to pursue AI workloads. At the same time, the report notes the AI buildout trend is under scrutiny for outsized infrastructure spending, uncertain benefits from adoption, and a lack of a convincing roadmap to profitability. For investors, that creates a tradeoff between growth optionality and execution risk this year.
Timing adds context: Bitdeer’s pivot coincided with renewed downside volatility in crypto. The move reads like treasury de-risking as Bitcoin remains under pressure.BTC is down about 47% from October 2025 highs above $125,000 and briefly dropped below $65,000 overnight between Feb. 22 and Feb. 23 before recovering to around $66,323. Bitdeer shares slid 2.02% in the latest regular session and were down 32.64% year-to-date at about $7.78, tightening focus on funding, liquidity, and delivery. Markets will watch powered land deals, AI capacity ramp, and whether mining growth stays intact over time.
