Bitdeer Wipes Out Entire Treasury in Dramatic Shift

Bitdeer Technologies, a Bitcoin mining firm, has made a significant change to its corporate treasury. As of February 20th, the company's weekly operational update revealed that it has liquidated its entire stash of Bitcoin, leaving zero holdings intact.

The move marks a drastic shift from Bitdeer's previous strategy, which had seen it maintain a reserve of around 2,000 Bitcoin at the end of last year. In the week ending February 20th, the company produced 189.8 Bitcoin and sold the entire amount mined, while simultaneously liquidating its remaining 943.1 Bitcoin in reserve holdings.

The acceleration from routine production sales to a full reserve liquidation within a single week represents a material shift in Bitdeer's treasury strategy. The company has not clarified whether this is a permanent change or a temporary need tied to its current capital raises, which include a $325 million convertible notes offering and a $43.5 million equity placement.

Bitdeer's financial margins have tightened alongside the liquidation, with gross margin dropping to 4.7% in the fourth quarter of 2025, down from 7.4% a year earlier.