Zero BTC Remaining

Bitdeer Technologies Group has wiped its bitcoin treasury to zero. The miner entered 2026 with roughly 2,000 BTC, watched that figure fall to 1,530 BTC by the end of January, and then to 943.1 BTC by February 13 before liquidating the remainder in a single week. Bitdeer also produced 189.8 BTC during the period and sold that mining output alongside the treasury drawdown. The company now operates on a same-week sales policy: every coin mined is sold immediately rather than held.

The liquidation arrived days after Bitdeer announced a $325 million convertible notes offering and a $43.5 million equity placement, both aimed at funding data center expansion and an AI infrastructure pivot. The capital raise and the treasury sell-off are the same trade: exit proof-of-work treasury accumulation, deploy capital into AI compute.

The Pivot Away from Bitcoin Treasury Strategies

Bitdeer is not operating in isolation. TeraWulf, Bitfarms, Riot Platforms, and Core Scientific have each moved to either sell mining output aggressively or redirect capital toward AI data center construction. The contrast with MARA Holdings -- which holds approximately 53,000 BTC -- and Riot Platforms, which holds around 18,000 BTC, illustrates a widening split in the industry between miners treating bitcoin as a treasury asset and those treating it as a cost to be immediately monetized.

Bitdeer started 2026 with roughly 2,000 BTC. By February 20, the figure was zero.

Tightening mining margins are forcing the decision. The post-halving environment compressed hashprice and pushed operators to find revenue streams beyond block rewards. AI data centers offer long-term power purchase agreements and stable compute contracts -- a revenue profile that spot bitcoin mining alone cannot currently match.

Why It Matters

Bitcoin's mining algorithm is doing exactly what it was designed to do. Even the most well-capitalized miners cannot indefinitely scale their share of the network -- the difficulty adjustment ensures that. When capital floods in, difficulty rises; when margins compress, less efficient operators exit or pivot. That is market competition operating at the protocol level, without a committee, without a bailout. Bitdeer is not a failure story -- it is a miner making a rational capital allocation decision under pressure that Bitcoin's own incentive structure helped create. The concern worth tracking separately is mining decentralization: if capital-intensive AI pivots become the dominant exit for large public miners, the hashrate distribution question becomes more acute. The mechanism works. The decentralization work is ongoing and necessary -- but the difficulty adjustment's core function, making mining resistant to domination regardless of capital deployed, is proving itself in real time.