Singapore-based Bitcoin miner Bitdeer has liquidated its entire Bitcoin treasury, selling all 3,231 BTC mined since February 21, 2026, for over $205 million. The move reduces the company's corporate holdings to zero, abandoning the industry's standard strategy of holding mined Bitcoin as a balance sheet reserve.
What Happened
Bitdeer Technologies Group (NASDAQ: BTDR) confirmed it has sold every Bitcoin mined since late February, totaling 3,231 BTC valued at more than $205 million at current prices. The company's April 2026 production update showed 783 BTC mined in that month alone, a 372% year-over-year increase, yet none were retained. This marks a decisive break from the HODL strategy adopted by peers like Canaan and Marathon Digital.
The liquidation comes as mining profitability has plunged. Bitdeer reported a third-quarter net loss of $266.7 million, a 422% decline year-over-year, sending its stock down 20% in a single session. The company cited a "sustained imbalance" between Bitcoin mining economics and the soaring demand for AI computing power as the primary driver. For context on Bitcoin mining economics, see Wikipedia: Bitcoin mining.
Why It Matters
The shift signals a structural change in the mining sector. Public Bitcoin miners signed $70 billion in AI and high-performance computing contracts in 2025, with some operators projecting 70% of revenue from AI by end of 2026. Bitdeer expects to deploy over 200 megawatts for AI data centers across its global sites, including Norway and Southeast Asia. This mirrors the broader AI capex boom driving infrastructure investment.
For Bitcoin markets, the sale of 3,231 BTC by a single miner represents meaningful sell pressure. However, the coins were sold gradually over months rather than in a single dump, limiting market impact. The broader trend of miners pivoting to AI could reduce long-term Bitcoin accumulation by corporate treasuries, as seen with Bitcoin price dynamics and inflation-driven volatility.
What's Next
Bitdeer's AI pivot accelerates with negotiations underway for colocation tenants at its Tydal, Norway facility. The company recently closed a $300 million convertible note offering to fund AI infrastructure expansion, though the announcement triggered a 17% stock decline on investor dilution concerns. Analysts have raised price targets on the AI narrative, but execution risk remains high as the miner transitions from pure-play Bitcoin to hybrid AI infrastructure. This follows a pattern of Wall Street embracing crypto and regulated crypto derivatives.