Bitdeer Technologies, a Nasdaq-listed bitcoin mining firm, has liquidated its entire corporate bitcoin holdings, reporting a zero BTC balance as of February 20, 2026. The company disclosed the complete sale of its treasury, including 189.8 BTC mined during the most recent reporting period and an additional 943.1 BTC from existing reserves, in a weekly production update.
The move represents a significant departure from the strategy employed by most publicly traded mining companies, which typically retain a portion of their mined bitcoin as a treasury asset. Bitdeer’s decision comes amid tightening margins in the bitcoin mining sector and follows a recent capital raise.
The liquidation occurred rapidly. Bitdeer held approximately 2,000 BTC at the end of 2025. By the end of January 2026, that figure had fallen to around 1,530 BTC. Further sales reduced the holdings to 943.1 BTC by February 13, culminating in the complete elimination of its bitcoin treasury balance during the following week. The figures exclude customer deposits.
Several factors appear to have contributed to Bitdeer’s decision. The Bitcoin network difficulty increased by 14.7% in its latest adjustment, raising the cost of mining. Simultaneously, the hashprice – a measure of revenue per unit of computing power – fell below $30 per petahash per day. Bitdeer’s gross margin declined to 4.7% in the fourth quarter of 2025, down from 7.4% the previous year, reflecting mounting operational pressures following the recent halving event and increased competition.
Bitdeer recently completed a $325 million convertible notes offering and a $43.5 million private placement, reportedly to fund expansion of its data centers and a strategic shift towards artificial intelligence. The company stated the sales reflect a liquidity decision related to these opportunities.
Ross Gann, Bitdeer’s chief communications officer, told Cointelegraph that the company “remains on track to grow its hash rate and is committed to continuing to mine Bitcoin for the interest of our shareholders.”
Bitdeer’s move contrasts with the holdings of other publicly traded miners. MARA Holdings currently controls roughly 53,250 BTC, while Riot Platforms holds approximately 18,000 BTC. Strategy remains the largest institutional holder, with over 717,000 BTC. Even miners who routinely sell a portion of their production typically maintain a treasury balance.
Bitdeer is currently facing a securities class action lawsuit in the Southern District of New York, alleging false and misleading statements regarding the timeline of its SEAL04 chip. The company has not commented on whether the liquidation of its bitcoin holdings is related to this legal challenge.
