Publicly traded miner Bitdeer sells all its Bitcoin at once! Wu Jihan: This doesn't represent a long-term strategy

Publicly traded mining company “Bitdeer Technologies” recently announced its weekly production report, showing that as of February 20th, the company has fully liquidated all its holdings and no longer owns any Bitcoin.
This Nasdaq-listed cryptocurrency mining firm (NYSE: BTDR) revealed in the report that last week, it mined 189.8 BTC and sold all of it; at the same time, the remaining 943.1 BTC on its books were also sold for cash. Notably, these figures do not include assets stored by customers on the platform.
Looking at Bitdeer’s recent financial activities, this wave of “deleveraging” has been foreshadowed for some time and has accelerated noticeably in recent weeks. At the end of last year, the company held about 2,000 BTC; by the end of January this year, that number had decreased to around 1,530 BTC; by February 13th, it further shrank to 943.1 BTC, with a weekly production of 183.4 BTC and sales of 179.9 BTC, maintaining a roughly “mine and sell” rhythm.
However, in the past week, Bitdeer chose to sell all remaining holdings at once, completely clearing its assets.
The timing of this large-scale cash-out is quite intriguing. Just a few days ago, Bitdeer announced a $325 million convertible bond issuance and raised $43.5 million through private equity placement.
It is understood that these intense fundraising efforts are primarily aimed at expanding data centers and supporting the group’s massive capital needs for its transition into the artificial intelligence (AI) sector.
Bitdeer’s “zero holdings” approach stands out among publicly traded miners. According to Bitcoin Treasuries data, competitors like MARA Holdings still hold about 53,250 BTC; Riot Platforms also holds around 18,000 BTC. In the mining industry, even though miners often act as “net sellers” to cover operational costs, completely draining company reserves is rare.
Bitdeer’s extreme strategy somewhat reflects the severe challenges currently facing the Bitcoin mining industry. In recent adjustments, Bitcoin mining difficulty surged by 14.7%; simultaneously, the hash price—a key profitability metric estimating daily expected revenue per unit of hash power—plummeted below $30 per PH/s per day.
On the other hand, Bitdeer’s gross profit margin in Q4 last year dropped sharply from 7.4% a year earlier to 4.7%. With rising costs and declining revenues, miners are under cash flow pressure, and liquidating assets to maintain operational flexibility has become a practical option.
In response to these developments, Bitdeer founder and chairman Wu Jihan stated on social platform X: “Holding zero now does not mean it will always be like this in the future. Thank you for your attention.”

Now holding zero does not mean it will always be like this in the future. Thank you for your attention. https://t.co/Fv2G8bdA8f

— Jihan Wu (@JihanWu) February 22, 2026