Bitcoin mining firm Bitdeer Technologies has completely liquidated its corporate Bitcoin holdings, reporting zero BTC on its balance sheet., According to the miner’s weekly update,Bitdeer said it mined 189.8 BTC during the reporting period and sold the same amount immediately.
In addition to selling that newly mined output, the company also liquidated 943.1 BTC that had previously been held in reserve, bringing its total corporate Bitcoin balance to zero. The figures exclude customer deposits or externally held assets; they reflect only the company’s pure holdings.
Bitdeer, which is traded on the Nasdaq under the ticker BTDR, had held a larger BTC treasury at the end of 2025. Estimates suggest the firm controlled roughly 2,000 BTC at year-end before gradually selling down its position throughout early 2026. The rapid sell-off accelerated over recent weeks, culminating in the full liquidation reported in the February update.
The liquidation coincided with financial moves to raise capital. The miner has announced plans to issue $325 million in convertible senior notes, with the proceeds aimed at refinancing existing debt and funding expansion into data centers, artificial intelligence cloud infrastructure, and other technology initiatives. These capital-raising efforts suggest Bitdeer is prioritizing liquidity and diversified growth over long-term BTC accumulation.
Alongside the balance sheet change, Bitdeer also highlighted a major hashrate milestone. Its self-managed Bitcoin hashrate, the company’s internal mining capacity, now surpasses that of rival Marathon Digital, making it one of the largest public miners by internally controlled computing power. This growth in hashrate comes as the mining industry faces tighter profit margins following recent network difficulty increases and post-halving economics.
The market responded to the news with mixed reactions. While some analysts see the liquidation as a prudent liquidity strategy amid squeezed mining margins, others view it as a departure from the prevailing strategy among miners to hold substantial BTC reserves as a hedge against long-term price appreciation. Firms such as Marathon Digital and Riot Platforms still hold significant Bitcoin treasuries, contrasting with Bitdeer’s decision to exit direct BTC exposure entirely.
Bitdeer’s move highlights broader changes in mining sector economics, where capital allocation decisions are increasingly driven by infrastructure expansion, diversified revenue streams, and short-term liquidity needs rather than pure BTC accumulation. Whether other miners follow a similar path remains to be seen as market conditions continue to evolve.
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