Bitdeer Sells All Bitcoin and Overtakes Marathon in Hashrate

• Bitdeer reduced corporate Bitcoin holdings to zero after selling 189.8 BTC and liquidating 943.1 BTC reserves.
• The company surpassed Marathon Digital in self-managed hashrate, becoming the largest public Bitcoin miner by capacity.
• Bitdeer raised $300 million in convertible notes and $43.7 million in equity while reporting $149.4 million cash.

Bitdeer has sold all corporate Bitcoin holdings, reducing its treasury to zero, while surpassing Marathon Digital in self-managed hashrate among public miners. In its February 20, 2026 update, the company reported zero BTC holdings, produced 189.8 BTC, sold that amount, and liquidated 943.1 BTC from reserves.

Bitcoin Treasury Reduced to Zero

Bitdeer’s latest update confirmed that its “pure holdings” stood at 0 BTC. The company clarified that the figure excludes customer deposits held on its platform. In the previous week’s update on February 13, Bitdeer still held 943.1 BTC in its treasury.

During the earlier period, the company mined 183.4 BTC and sold 179.9 BTC. That approach allowed it to maintain its reserve balance. However, the most recent report showed that the entire treasury balance was sold alongside newly mined Bitcoin.

Mining firms often sell part of their production to cover electricity and operating costs. However, maintaining a Bitcoin reserve is common among public miners. Bitdeer has not stated whether this move marks a permanent change in its treasury strategy and the company has not provided further comment.

Hashrate Growth Surpasses Marathon

While its Bitcoin holdings dropped to zero, Bitdeer expanded its self-managed mining operations. The company’s self-managed hashrate has now surpassed that of Marathon Digital. This makes Bitdeer the largest publicly traded company by self-managed Bitcoin hashrate.

Bitdeer has been increasing its focus on self-mining as demand for mining hardware weakens. Instead of selling equipment to clients, the company has redirected more rigs toward its own operations. This shift has supported its hashrate growth.

The broader mining sector has faced tighter margins following the 2024 Bitcoin halving. As block rewards declined, miners have adjusted strategies to protect revenue.

Several companies have expanded into artificial intelligence and high-performance computing services. Firms such as HIVE, Hut 8, TeraWulf, and IREN have repurposed energy infrastructure for data center use.

Capital Raising and Financial Position

Bitdeer’s Bitcoin sale followed recent capital market activity. The company announced plans to raise $300 million through a private offering of convertible senior notes due in 2032. It also has the option to increase the offering by $45 million. In addition, Bitdeer priced a registered direct offering of 5,503,030 Class A ordinary shares. 

The equity sale raised about $43.7 million. The company said proceeds from the convertible notes offering will repurchase 2029 notes, support capped call transactions, and cover general corporate purposes.

Equity proceeds will aid note repurchases and working capital. Earlier this month, Bitdeer reported $149.4 million in cash and equivalents. 

Bitdeer reported $83.1 million and $135.6 million in digital assets owed, with total borrowings near $1 billion, excluding derivatives. Shares closed at $7.78, down 2.02%, then rose 1.15% to $7.87 after hours. Over the year, shares fell over 40%. The company now holds no Bitcoin but leads in hashrate.

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