Bitdeer Technologies Group (NASDAQ: BTDR) has liquidated its entire Bitcoin treasury, selling all 3,231 BTC mined since February 21 for approximately $205 million. The Singapore-based miner, founded by Bitmain co-founder Jihan Wu, now holds zero Bitcoin on its balance sheet as it accelerates a strategic pivot toward AI data center infrastructure.
What Happened
Bitdeer confirmed it has sold every Bitcoin mined since February 21, totaling 3,231 BTC worth over $205 million at current prices. The liquidation includes both freshly mined coins and approximately 943 BTC from its corporate treasury reserves, bringing its net Bitcoin holdings to zero. The company's March 2026 production update showed Bitcoin output surged 480% year-over-year to 661 BTC, generating approximately $43 million in annual recurring revenue from its AI cloud business — a 105% month-over-month increase. This zero-BTC strategy aligns with the broader miner pivot documented in MicroStrategy's stock plunge and Bitcoin's 21-month low driven by $1.3B weekly ETF outflows.
Why It Matters
Bitdeer's zero-BTC strategy reflects a fundamental shift in how public miners manage capital. By converting all Bitcoin production into immediate USD revenue, the company eliminates treasury volatility and creates a predictable financial model that analysts say is easier to value. Eleven analysts rate BTDR a consensus Strong Buy with a mean price target of $19.67, implying 53% upside. The move also signals an industry-wide trend: miners with large power contracts and data center expertise are repositioning as digital infrastructure plays rather than leveraged Bitcoin proxies. This mirrors the BitGo workforce reduction as crypto firms pivot to AI and stablecoins. According to Bitdeer's official investor relations, the AI cloud business achieved $43M ARR with 105% month-over-month growth.
What's Next
Bitdeer is negotiating directly with potential AI tenants and building relationships with data center engineering firms across Southeast Asia. Its AI cloud business already operates purpose-built high-density facilities in Singapore and Malaysia. With Bitcoin trading below $68,000 — nearly 50% from its highs — and mining margins tightening, other public miners may follow Bitdeer's lead in liquidating treasuries to fund AI infrastructure expansion. The company's next earnings report will test whether AI cloud revenue can sustainably offset declining mining profitability. This trend connects to broader crypto selloff and mass liquidations wiping out 166K traders. Related coverage: Bitcoin below $59K and extreme fear gripping markets.