Bitdeer miner exits Bitcoin treasury, holdings drop to zero

The disclosure shows Bitdeer produced 189.8 BTC over the week and sold the same amount, while also taking net Bitcoin added to negative 943.1 BTC, a figure that reflects the drawdown of the previously held reserve. The company described the figure as excluding customer deposits, indicating the reported balance applies to Bitdeer’s own Bitcoin inventory rather than assets tied to hosted mining clients.

The change follows a prior weekly update dated Feb. 13, 2026, when Bitdeer still reported 943.1 BTC of “pure holdings” after selling 179.9 BTC out of 183.4 BTC mined during that week. The new weekly numbers imply the remaining treasury was fully sold between the Feb. 13 snapshot and the Feb. 20 reporting date, though the company did not disclose an average sale price or the exact execution window.

The treasury liquidation comes as Bitdeer is also in the market with new financing and balance-sheet reshuffling tied to its convertible debt. On Feb. 20, 2026, the company disclosed it priced an upsized $325 million private placement of 5.00% convertible senior notes due 2032, up from a previously announced $300 million size, and granted initial purchasers an option for up to an additional $50 million in notes; the sale was expected to close on Feb. 24, 2026, subject to customary conditions.

In the same filing, Bitdeer outlined intended uses of proceeds that include funding capped call transactions and repurchasing $135 million principal amount of its existing 5.25% convertible senior notes due 2029, alongside spending earmarked for datacenter expansion, HPC and AI cloud business expansion, and ASIC-based mining rig development and manufacturing, plus working capital and general corporate purposes. The company also described how hedging activity linked to the offering and related transactions could affect trading in its shares.

Bitdeer has been scaling its self-mining footprint, reporting in a January 2026 operations update that it mined 668 BTC in January, up about 430% year over year, and reached 63.2 EH/s of self-mining hashrate, while continuing to deploy its proprietary SEALMINER rigs and retire older third-party machines. That operating expansion has coincided with the company’s broader push into AI infrastructure, which it has positioned as another line of business alongside mining.

The decision to run Bitcoin inventory down to zero is a notable shift in how Bitdeer is managing liquidity relative to some miners that maintain large BTC treasuries. Bitdeer’s disclosures separate self-held Bitcoin from customer deposits, and the latest update indicates the company is no longer carrying a proprietary BTC reserve at the Feb. 20 snapshot.

Bitcoin itself was trading near $67,948 at the latest available market print, after an intraday range roughly between $67,821 and $68,637, based on market pricing at the time of writing. (Market data: BTC spot.) Bitdeer shares were last indicated around $7.78, based on the latest available market print. (Market data: BTDR.)

In the background, Bitdeer’s latest debt disclosures highlight how its capital structure is evolving alongside mining and AI buildout, with the 2032 notes carrying a 5.00% coupon and conversion terms that the company detailed in its filing, including potential redemption conditions and mechanics for conversion into cash, shares, or a mix at Bitdeer’s election.