Bitdeer Empties Bitcoin Treasury as Mining Margins Tighten

Bitdeer Technologies has fully liquidated its corporate bitcoin holdings, reporting zero BTC on its balance sheet as of Feb. 20. A weekly production update posted on X confirmed the move. The decision marks a sharp break from common industry practice, where most listed miners continue to accumulate or hold reserves. It also comes at a time of tightening mining margins and the company’s recent capital raises.

BTDR Dumps Remaining Bitcoin Holdings in Full Treasury Exit

Nasdaq-listed Bitdeer (BTDR) said it mined 189.8 BTC during the week and sold the same amount. In addition, the company liquidated its remaining 943.1 BTC in reserves. Notably, the figures exclude customer deposits.

Selling activity accelerated in recent weeks. Holdings stood near 2,000 BTC at year-end and around 1,530 BTC at the end of January. And by Feb. 13, reserves had dropped to 943.1 BTC. 

During that week, Bitdeer mined 183.4 BTC and sold 179.9 BTC, roughly matching production. The latest update shows a complete exit from treasury holdings, marking a clear escalation in strategy.

Bitdeer Breaks From Mining Peers After Full Treasury Liquidation

Recent financial and operational pressure adds context:

• Bitcoin network difficulty rose 14.7% in the latest adjustment, raising mining costs.
• Hashprice fell below $30 per PH/s/day, cutting revenue per unit of hashpower.
• Gross margin narrowed to 4.7% in Q4, down from 7.4% a year earlier.
• Capital needs increased following a $325 million convertible notes offering and a $43.5 million equity placement tied to data center expansion and an AI pivot.

Zero holdings place Bitdeer at odds with most public peers, according to BitcoinTreasuries data. MARA Holdings controls about 53,250 BTC, while Riot Platforms holds roughly 18,000 BTC. Strategy remains the largest corporate holder with more than 717,000 BTC. Even miners that routinely sell part of their production rarely drain reserves entirely.

Management has not clarified whether the decision reflects a permanent shift in treasury policy or a temporary step to strengthen liquidity during expansion. Meanwhile, Bitdeer faces a securities class-action lawsuit in the Southern District of New York tied to alleged misstatements regarding its SEAL04 chip timeline.