Bitdeer Technologies has fully emptied its corporate bitcoin treasury, reporting zero BTC held as of Feb. 20, according to a weekly production update the company posted on X on Saturday.
The miner, which trades on Nasdaq under the ticker BTDR, disclosed that it produced 189.8 BTC during the week and sold the same amount, while also liquidating its remaining 943.1 BTC in reserves. The figures exclude customer deposits.
The disclosure caps a steady drawdown that accelerated in recent weeks. Bitdeer held roughly 2,000 BTC at year-end and about 1,530 BTC at the end of January before dropping to 943.1 BTC by Feb. 13. In the Feb. 13 update, the company had mined 183.4 BTC and sold 179.9 BTC, largely keeping pace with production. The final week’s selloff, which wiped out the entire remaining balance, marked a clear escalation.
The liquidation came days after Bitdeer announced a $325 million convertible notes offering and a $43.5 million equity placement, both aimed at funding data center expansion and its AI pivot.
Bitdeer’s zero-BTC position puts it at odds with most publicly traded mining peers, according to BitcoinTreasuries data. MARA Holdings maintains a treasury of roughly 53,250 BTC. Riot Platforms holds around 18,000 BTC. Strategy, the largest corporate holder, has amassed over 717,000 BTC. Even among miners that have been net sellers, fully draining reserves is unusual.
The move comes as mining economics have tightened sharply. Bitcoin network difficulty jumped 14.7% in the latest adjustment, and hashprice has fallen below $30 per PH/s/day. Bitdeer’s own gross margin slipped to 4.7% in Q4 from 7.4% a year earlier.
The company has not said whether the zero-BTC position represents a permanent change in treasury strategy or a temporary cash need tied to its ongoing capital raises. Bitdeer is also facing a securities class-action lawsuit in the Southern District of New York over alleged misrepresentations about its SEAL04 chip timeline.
Bitdeer did not immediately respond to a request for comment.
© 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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