Bitdeer (BTDR) a Singapore-based bitcoin mining and AI infrastructure company has reduced its bitcoin treasury stash to zero, marking a sharp break from the miner playbook of hoarding coins as a signal of conviction seen by the likes of Strategy (MSTR).

The company reported BTC holdings of zero as of Feb. 20, excluding customer deposits. It produced 189.8 BTC on their weekly update and sold the entire amount. Instead of positioning bitcoin as a balance sheet reserve, Bitdeer is turning production into liquidity.

Bitdeer said the decision to sell bitcoin should not concern the broader market, in a post on X, noting it is evaluating multiple powered land acquisition opportunities and believes it is prudent to prepare liquidity now, while continuing to grow hash rate and mine more bitcoin for shareholders.

Operationally, growth remains intact for the company. Bitdeer mined 668 bitcoin in January, up 430% year over year, and increased its self mining hash rate to 63.2 EH per second (EH/s), with total proprietary hash rate reaching 65.1 EH/s.

Bitdeer is accelerating its push into AI infrastructure, rolling out NVIDIA GB200 NVL72 systems in Malaysia and advancing conversions of several sites in the U.S. and Europe from crypto mining to AI data centers.

AI expansion is far more capital intensive than incremental mining buildouts, requiring large scale GPU clusters and data center upgrades.

Bitdeer recently priced a $325 million convertible notes offering and a $43.5 million equity raise to fund datacenter expansion, HPC and AI cloud growth, and ASIC development.

Unlike bitcoin mining, which is tied to price cycles and halvings, AI and HPC contracts can offer more predictable revenue streams. The pivot also represents an attempt by miners to be valued less as leveraged bitcoin proxies and more as digital infrastructure and AI plays.

Peers are moving in the same direction. Riot Platforms (RIOT) recently sold $200 million worth of bitcoin to fund operations and AI expansion. While Bitfarms (BITF) are dropping its “bitcoin company” identity and doubled down on AI in the U.S. MARA Holdings (MARA) is also expanding into HPC and AI through a planned 64% stake in France based Exaion.

Bitdeer shares are down 1% in pre-market, trading at $7.70 per share.