Bitdeer (BTDR), a Singapore-based bitcoin mining and AI infrastructure company, has reduced its bitcoin treasure holdings to zero, marking a sharp break from the miner’s handbook of hoarding coins as a signal of conviction seen by the likes of Strategy (MSTR).
The company reported zero BTC holdings as of February 20, excluding customer deposits. It produced 189.8 BTC on their weekly update and sold the entire amount. Instead of positioning bitcoin as a balance reserve, Bitdeer turns production into liquidity.
Bitdeer said the decision to sell bitcoin should not concern the broader market, in a post on X, noting that it is evaluating several options for leveraged land acquisitions and believes it is prudent to prepare liquidity now while continuing to increase the hash rate and mine more bitcoin for shareholders.
Operationally, growth remains intact for the company. Bitdeer mined 668 bitcoin in January, a 430% year-over-year increase, and increased its self-mining hash rate to 63.2 EH per second (EH/s), with the total proprietary hash rate reaching 65.1 EH/s.
Bitdeer is accelerating its push into AI infrastructure, rolling out NVIDIA GB200 NVL72 systems in Malaysia and promoting the conversion of several sites in the US and Europe from crypto mining to AI data centers.
AI expansion is far more capital intensive than incremental mining expansions, requiring large-scale GPU clusters and data center upgrades.
Bitdeer recently priced a $325 million convertible note and a $43.5 million equity raise to fund data center expansion, HPC and AI cloud growth, and ASIC development.
Unlike bitcoin mining, which is tied to price cycles and halvings, AI and HPC contracts can offer more predictable revenue streams. The pivot also represents an attempt by miners to be valued less as leveraged bitcoin proxies and more as digital infrastructure and AI players.
Peers move in the same direction. Riot Platforms (RIOT) recently sold $200 million in bitcoin to fund operations and AI expansion. While Bitfarms (BITF) is dropping its “bitcoin company” identity and doubling down on AI in the US, MARA Holdings (MARA) is also expanding into HPC and AI through a planned 64% stake in France’s Exaion.
Bitdeer shares are down 1% in premarket trading at $7.70 a share.
