Bitdeer Bitcoin Holdings Drop to Zero as Miner Sells Entire Reserve

TLDR:

• Bitdeer’s weekly update confirmed zero corporate Bitcoin holdings after selling both new output and reserves.
• The company mined 189.8 BTC and sold 1,132.9 BTC total during the reporting period ending February 20.
• Bitdeer now leads public miners in self-managed hashrate, surpassing Marathon Digital’s internal capacity.
• A $325 million convertible notes deal supported debt refinancing and data center expansion for mining and AI services.

Bitdeer disclosed that it now holds zero Bitcoin after selling its entire treasury position. The move followed a week in which the company mined Bitcoin and liquidated both new output and reserves. 

The update placed Bitdeer at the top of publicly traded miners by self-managed hashrate. The announcement triggered a market reaction and renewed focus on miners’ balance sheet strategies.

Bitdeer Bitcoin holdings fall to zero after full liquidation

Bitdeer reported that its pure Bitcoin holdings dropped to zero as of February 20, 2026. The company clarified that the figure excludes customer deposits and reflects only corporate reserves.

Data shared through its weekly update showed Bitcoin output of 189.8 BTC during the period. Bitdeer sold the same 189.8 BTC and an additional 943.1 BTC from existing reserves.

The company posted the figures on its official X account, accompanied by a line chart. The chart tracked output, sales, net additions, and holdings from late January through February 20.

The update followed a $325 million convertible notes offering earlier this month. The funding aimed to refinance debt and support expansion of mining and AI cloud infrastructure.

Bitdeer linked the decision to higher operating costs and reduced reliance on volatile Bitcoin reserves. The firm has increased focus on liquidity management while scaling its data center footprint.

Self-managed hashrate surpasses Marathon as market reacts

Bitdeer’s self-managed Bitcoin hashrate has now surpassed that of Marathon Digital, also known as Mara. This milestone makes Bitdeer the publicly traded miner with the largest internally operated hashrate.

The company emphasized that self-managed capacity excludes hosted or customer-owned mining machines. This metric reflects only infrastructure controlled directly by Bitdeer.

The mining firm is owned by Jihan Wu, a long-time figure in the mining sector. His company has shifted toward vertical integration of mining and computing services.

Following the disclosure, Bitdeer shares fell about 2 percent to roughly $7.78. The decline reflected investor concern over dilution tied to the recent convertible debt issuance.

Company updates described the Bitcoin sales as part of a broader liquidity strategy. The approach prioritizes funding for energy costs and capital-intensive expansion projects.

Bitdeer continues to report weekly figures on production and asset movements. The firm has positioned transparency as a way to track operational performance in a competitive mining market.

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