Bitdeer (BTDR) CEO Jihan Wu said the company’s zero-bitcoin balance is not permanent after the miner announced it had sold its remaining BTC treasury over the weekend.
In an X post, Wu stated that the miner’s decision “does not mean it will always be zero in the future.”
The move was confirmed in a weekly production update posted to X on Saturday. In the week ending Feb. 20, the company sold 943.1 BTC from reserves and 189.8 BTC it had mined during the period. The drawdown accelerated through February, with holdings falling from about 1,530 BTC at the end of January to 943.1 BTC by Feb. 13, before the remaining balance was liquidated, The Block reported.
In a statement on Monday, Bitdeer said the sales should “not be a concern for the broader market.” The company cited plans to prepare liquidity for “multiple non-binding powered land acquisition opportunities” while noting that its hashrate “will continue to grow” alongside ongoing bitcoin mining.
The disclosure follows Bitdeer’s announcement on Feb. 19 that it plans to raise $300 million through a private placement of convertible senior notes due 2032, with an option for initial purchasers to buy an additional $45 million. The company also disclosed a $43.5 million registered direct equity offering tied to repurchases of its 5.25% convertible senior notes due 2029. Bitdeer said proceeds are intended to fund datacenter expansion and advance its pivot toward high-performance computing and AI infrastructure.
Tightening mining economics
The selloff comes as mining economics have tightened. Bitcoin network difficulty jumped 14.7% in the latest adjustment, and hashprice has fallen below $30 per PH/s/day, according to The Block’s data dashboard. Bitdeer’s gross margin slipped to 4.7% in the fourth quarter from 7.4% a year earlier, even as revenue rose 226% to $224.8 million and the company reported net income of $70.5 million compared with a $531.9 million loss in the prior-year period.
Bitdeer’s zero-BTC position sets it apart from publicly traded peers, according to BitcoinTreasuries data. MARA Holdings holds roughly 53,250 BTC, while Riot Platforms reports about 18,000 BTC. Strategy, the largest corporate holder, has accumulated more than 717,000 BTC.
Bitcoin was trading near $64,700 late Sunday, down more than 4% from $67,600 earlier in the day, according to The Block’s prices page. The decline followed a series of macroeconomic headlines that triggered roughly $360 million in long-position liquidations across crypto markets before bitcoin staged a modest rebound above $65,000 early Monday morning.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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