Update (Feb. 23, 12:13 pm UTC): This article has been updated to include a statement from Bitdeer’s Ross Gann.
Bitcoin mining firm Bitdeer has sold all of its corporate Bitcoin holdings, reducing its treasury balance to zero, according to the company’s latest operational update.
In its latest weekly report, Bitdeer disclosed that its “pure holdings,” excluding customer deposits, have fallen to 0 Bitcoin (BTC). The report shows the company produced 189.8 BTC during the period and sold the full amount, alongside an additional 943.1 BTC, which was liquidated from its existing treasury reserves.
In its earlier update on Feb. 13, the miner still held 943.1 BTC, selling 179.9 BTC out of 183.4 BTC mined that week, leaving its treasury intact despite routine sales of newly mined coins.
Mining firms commonly sell a portion of production to fund electricity, hosting and equipment costs, but they also maintain a treasury balance to keep exposure to Bitcoin’s price appreciation. Fully liquidating reserves is less typical.
Bitdeer said the sales reflect a liquidity decision rather than a shift away from Bitcoin mining. “Bitdeer remains on track to grow its hash rate and is committed to continuing to mine Bitcoin for the interest of our shareholders. As we are assessing multiple non-binding acquisitions for powered land, we are strategically prioritizing our liquidity in view of these opportunities,” Ross Gann, Bitdeer’s chief communications officer, told Cointelegraph.
Related: Bitcoin mining difficulty rebounds 15% as US miners recover from winter outages
Bitdeer announces $300 million convertible debt raise
On Thursday, Bitdeer’s shares fell sharply after the company announced plans to raise $300 million through a convertible senior note offering, with an option to expand the sale by an additional $45 million. The notes, due in 2032, can later be converted into company stock, cash or a mix of both.
The company, founded by former Bitmain co-founder Jihan Wu, said the funds will support data center expansion, AI cloud growth, mining hardware development and general corporate needs.
Bitdeer has also been expanding its self-mining operations as demand for its mining hardware weakens, increasingly using its own rigs to mine Bitcoin rather than selling them to customers.
Related: Bitcoin miners chase 30 GW AI capacity to offset hashprice pressure
Bitcoin miners pivot to AI
On Friday, MARA Holdings purchased a majority stake in French computing infrastructure firm Exaion, moving deeper into artificial intelligence and cloud services. The deal gives MARA France a 64% ownership position while energy company EDF remains a minority shareholder and customer.
The transaction came amid a wider shift across the mining industry. Following the 2024 halving and tighter margins, several miners have adopted a hybrid model that combines Bitcoin production with AI and high-performance computing revenue.
Companies such as HIVE, Hut 8, TeraWulf and IREN are repurposing facilities and energy infrastructure for data-center use, while firms like CoreWeave have fully transitioned into AI infrastructure providers.
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