Bitdeer Technologies Group, the NASDAQ-listed Bitcoin mining company controlled by Bitmain co-founder Jihan Wu, has reduced its Bitcoin holdings to zero, according to WuBlockchain. The company that once held over 2,200 BTC as recently as October 2025 has sold its entire treasury in a matter of months, marking one of the most aggressive liquidation timelines among publicly traded miners.
The selloff did not happen overnight. As of February 22, 2026, Bitdeer's treasury trajectory tells a clear story of accelerating divestiture: 2,233 BTC in late October, 1,530 BTC at the end of January, roughly 943 BTC by mid-February, and now zero. Every coin mined has been sold, and then some.
Jihan Wu's $300 Million Bet on a Post-Mining Future
The timing aligns with Bitdeer's most aggressive capital raise to date. On February 19, the company announced a $300 million convertible senior note offering due in 2032, with an additional $45 million greenshoe option that could push the total to $345 million. The notes convert into cash, shares, or a combination at Bitdeer's discretion.
The stock reacted accordingly. BTDR shares cratered 17% to below $8, hitting a 10-month low. The stock is down over 37% in the past month alone. Convertible debt raises dilution fears by default, but selling every Bitcoin in the treasury simultaneously sent an unmistakable signal: this company is pivoting away from mining-as-treasury-strategy entirely.
Bitdeer stated it will use the proceeds for capped call transactions to limit dilution, repurchasing portions of its existing 2029 convertible notes, data center expansion, AI cloud business growth, and continued development of its proprietary SEALMINER ASIC chips.
The Numbers Behind the Pivot
Bitdeer's January 2026 operations update revealed a company in transition. Self-mining hashrate reached 63.2 EH/s, a 14% increase from December, with total hashrate under management at 78.1 EH/s across 314,000 rigs. The company mined 668 BTC in January alone, a 430% year-over-year increase.
But it sold virtually all of it. In one representative week tracked by BitcoinTreasuries, Bitdeer mined 183.4 BTC and sold 179.9 BTC. Another week: mined 156, sold 152. The pattern was consistent. Mining output was treated as immediate revenue, not a store of value.
On the infrastructure side, Bitdeer now operates 1,658 MW of electrical capacity across 10 data center locations, with another 1,344 MW in its pipeline for a total global capacity of 3,002 MW. The company plans to bring 2.0 GW online by Q4 2026, with major buildouts at Clarington, Ohio (570 MW) and Tydal, Norway (225 MW). The Norwegian site is being converted from mining to a dedicated AI data center.
SEAL Chips and the AI Compute Play
The SEAL chip program is central to Bitdeer's strategy. The SEAL04-1 chip demonstrated sub-10 joules per terahash efficiency at the chip level (approximately 6 to 7 J/TH), making it competitive with the most efficient miners on the market. Mass production is targeted for Q1 2026, along with the SEAL-DL1, a separate chip designed for Litecoin and Dogecoin mining.
But chips are only half the story. Bitdeer deployed 1,792 GPUs for its AI cloud service, including NVIDIA H100, H200, B200, and the latest GB200 NVL72 infrastructure in Malaysia. GPU utilization sits at 41% with roughly $10 million in annualized revenue from AI compute. The company is evaluating U.S. data center leases to launch broader AI cloud services in Q1 2026.
Q4 2025 results showed revenue growth of 226%, driven primarily by increased mining output from SEAL-powered rigs. But the margin picture tells a more nuanced story: Bitdeer is spending heavily on R&D and infrastructure while mining margins compress industry-wide.
Why Miners Are Abandoning the HODL Playbook
Bitdeer is not an outlier. The entire publicly traded mining sector is reassessing the wisdom of holding Bitcoin on the balance sheet. VanEck's Matthew Sigel noted that Bitdeer has become the world's largest Bitcoin miner by hashrate, surpassing MARA Holdings at 71 EH/s, but observed that miners are "actively selling everything they mine (and more) to fund the AI pivot."
CleanSpark has publicly stated that Bitcoin mining investment "doesn't make a lot of sense" at current hashprices compared to returns available in AI infrastructure. The company sold 589 BTC in October 2025 and has announced plans to evolve from a pure-play miner into an AI compute provider, starting with its Georgia facility.
MARA Holdings, Bitdeer's closest competitor, just closed its $168 million acquisition of Exaion, a French state-energy computing subsidiary, to accelerate its own HPC ambitions.
The common thread: post-halving economics. With block rewards halved and hashrate at all-time highs, the mining margin squeeze is forcing operators to either find alternative revenue streams or accept deteriorating unit economics. AI compute offers GPU-scale margins that make Bitcoin mining look like a commodity business, because it is one.
What This Means for Bitcoin's Supply Dynamics
When miners held Bitcoin, they acted as natural long-term holders, a structural supply lock. When they sell every coin they produce (and dump their reserves on top), that supply lock disappears. Bitdeer alone was selling 150 to 180 BTC per week into the market during February.
For Bitcoin ETF investors tracking supply-demand dynamics, the miner pivot matters. Institutional ETF inflows have been a key demand driver, but if the entire mining sector shifts from HODLing to immediate liquidation, the supply side of the equation changes materially. It does not mean prices will fall, but it removes a structural bid that has existed since the early days of proof-of-work mining.
For users of self-custody crypto cards, the miner exodus from Bitcoin treasuries into AI infrastructure also signals something broader: the crypto industry itself is diversifying its revenue base. Companies that once defined themselves as Bitcoin-native are now competing for GPU allocations, data center leases, and enterprise AI contracts.
FAQ
Is Bitdeer going bankrupt? No. Bitdeer is actively raising capital ($300M+ in convertible notes) and generating revenue from mining and AI compute. The Bitcoin liquidation is a strategic choice to fund expansion, not a distress sale. However, the 37% stock decline in one month reflects investor concern about dilution and execution risk.
How much Bitcoin did Bitdeer hold at its peak? Bitdeer held approximately 2,233 BTC as of late October 2025, worth roughly $150 million at the time. The decline to zero took about four months.
Are other mining companies also selling all their Bitcoin? Most publicly traded miners have increased their BTC selling activity, but few have gone to zero. CleanSpark maintains over 12,100 BTC in reserve while selling production. MARA Holdings retains a large treasury. Bitdeer's complete liquidation is an extreme case driven by the capital intensity of its dual AI-and-chip strategy.
What is the SEAL chip? SEAL is Bitdeer's proprietary ASIC mining chip family. The latest variant, SEAL04-1, achieves approximately 6 to 7 joules per terahash, making it one of the most energy-efficient Bitcoin mining chips available. Bitdeer plans to both use these chips internally and sell SEALMINER rigs to third-party mining operations.
Overview
Bitdeer's decision to liquidate its entire Bitcoin treasury while simultaneously raising $300 million in convertible debt marks the most dramatic miner-to-AI pivot in the industry to date. Under Jihan Wu's leadership, the company is betting that proprietary SEAL chips, 2 GW of data center capacity, and NVIDIA GPU deployments will generate better returns than holding BTC on a balance sheet. Investors disagree for now, with BTDR shares down 37% in a month, but the thesis is clear: mining is a production line, not a savings account. Whether Bitdeer's gamble pays off depends on AI compute demand holding strong and SEAL04 chips hitting mass production targets in the coming quarters.
Recommended Reading
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