Key Takeaways
- By February 20, Bitdeer (BTDR) reported holding zero BTC, a dramatic shift from approximately 2,000 BTC held at the close of 2024.
- The firm liquidated its final 943.1 BTC reserve alongside all 189.8 BTC produced during that reporting period.
- Network difficulty experienced a 14.7% surge — the most significant increase recorded since May 2021 — decimating profitability.
- The company secured $325M through convertible note offerings to finance its transition into AI and high-performance computing.
- Even with a completely empty BTC treasury, Bitdeer operates the world’s largest self-managed mining operation at 63.2 EH/s.
Bitdeer Technologies has executed a complete exit from its bitcoin holdings. The company’s latest disclosure reveals a treasury balance of zero BTC as of February 20 — a stark contrast to the approximately 2,000 BTC position it maintained merely two months prior.
Bitdeer Technologies Group, BTDR
According to the firm’s weekly operations report shared via X, Bitdeer sold the entire 189.8 BTC produced during its most recent mining period and simultaneously liquidated its remaining 943.1 BTC stockpile. These figures don’t account for customer-held deposits.
The treasury depletion accelerated rapidly. Bitdeer maintained approximately 1,530 BTC through the end of January, before declining to 943.1 BTC by February 13, ultimately selling its complete remaining position within the following seven days.
This positions Bitdeer as the largest publicly listed bitcoin mining operation by self-operated hashrate to maintain zero bitcoin reserves. MARA Holdings maintains approximately 53,250 BTC in its treasury. Riot Platforms possesses roughly 18,000 BTC. Strategy has amassed more than 717,000 BTC.
Profitability Pressures Intensify
The selloff coincides with severe deterioration in mining economics. The Bitcoin network’s difficulty adjustment climbed 14.7% during its latest cycle — marking the steepest increase observed since May 2021. This surge followed a temporary respite triggered by U.S. winter weather conditions that forced domestic operations offline. When those facilities resumed operations, difficulty immediately rebounded.
Hashprice declined beneath the $30 per petahash daily threshold, hovering dangerously close to historical lows. Bitdeer’s gross profit margin contracted to 4.7% during Q4, declining from 7.4% in the comparable prior-year period. Operating within such compressed margin environments makes maintaining a bitcoin treasury an expense the organization evidently chose to eliminate.
Capital Raise Fuels AI Infrastructure Expansion
Simultaneous with its zero-bitcoin disclosure, Bitdeer unveiled a $325 million private offering of convertible senior notes, accompanied by a $43.5 million equity placement transaction.
From the total proceeds, $138.2 million will repurchase the company’s outstanding 5.25% convertible notes scheduled to mature in 2029 — restructuring debt obligations and extending financial flexibility. An additional $29.2 million funds capped call arrangements designed to mitigate potential shareholder dilution.
Remaining capital will support high-performance computing initiatives, AI cloud infrastructure, proprietary ASIC semiconductor development, and data center construction. The note offering is scheduled to finalize on February 24, with provisions allowing purchasers to acquire an additional $50 million.
Bitdeer has not publicly clarified whether its zero-bitcoin position represents a long-term operational approach or a tactical maneuver connected to current capital-raising activities.
A noteworthy development: despite maintaining no bitcoin whatsoever in corporate reserves, Bitdeer now operates as the world’s largest publicly traded self-mining operation. Its self-managed hashrate achieved 63.2 EH/s, surpassing Marathon Digital’s 60.4 EH/s capacity.
The organization also confronts ongoing securities litigation in New York’s Southern District regarding alleged misstatements concerning its SEAL04 chip development schedule.
