Bitdeer (BTDR), a Singapore-based bitcoin mining and AI infrastructure company, has reduced its bitcoin treasury reserve to zero, marking a sharp break from miners’ playbook of hoarding coins as a sign of conviction seen by companies like Strategy (MSTR).
The company reported that its BTC holdings were zero as of February 20, excluding customer deposits. It produced 189.8 BTC in its weekly update and sold the entire amount. Instead of positioning bitcoin as a balance sheet reserve, Bitdeer is converting production into liquidity.
Bitdeer said the decision to sell bitcoin should not worry the broader market, in a post on
Operationally, the company’s growth remains intact. Bitdeer mined 668 bitcoins in January, up 430% year over year, 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, deploying NVIDIA GB200 NVL72 systems in Malaysia and advancing conversions of multiple sites in the US and Europe from cryptocurrency mining to AI data centers.
The expansion of AI requires much more capital than the incremental development of mining, and requires large-scale GPU clusters and data center upgrades.
Bitdeer recently priced a $325 million convertible note offering and a $43.5 million capital raising 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 income streams. The shift also represents an attempt by miners to be valued less as leveraged bitcoin representatives and more as digital infrastructure and artificial intelligence.
The companions move in the same direction. Riot Platforms (RIOT) recently sold $200 million in bitcoin to fund AI operations and expansion. While Bitfarms (BITF) is abandoning 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-based Exaion.
Bitdeer shares are down 1% in premarket trading, trading at $7.70 per share.
