Bitdeer (BTDR), a Singapore-based mining and AI infrastructure company, has reduced its Bitcoin cash reserve to zero, marking a sharp break from the miners’ playbook of accumulating coins as a conviction signal seen by companies like Strategy (MSTR).
The company said its BTC holdings were zero as of February 20, excluding customer deposits. It produced 189.8 BTC during its weekly update and sold the entire amount. Instead of positioning bitcoin as a balance sheet reserve, Bitdeer transforms production into liquidity.
Bitdeer said the decision to sell bitcoin should not concern the broader market, in an article on
Operationally, growth remains intact for the company. Bitdeer mined 668 bitcoins in January, up 430% year-over-year, and increased its self-mining hash rate to 63.2 EH per second (EH/s), with its total proprietary hash rate reaching 65.1 EH/s.
Bitdeer is accelerating its advancement in AI infrastructure, deploying NVIDIA GB200 NVL72 systems in Malaysia and advancing the conversion of several sites in the US and Europe from crypto mining to AI data centers.
The expansion of AI is much more capital intensive than the incremental development of mining, requiring large-scale GPU clusters and data center upgrades.
Bitdeer recently evaluated a $325 million convertible note offering and $43.5 million fundraising to fund data center expansion, HPC and AI cloud growth, and ASIC development.
Unlike bitcoin mining, which is tied to price cycles and halvings, AI and HPC contracts can offer more predictable revenue streams. The pivot also represents an attempt by miners to be valued less as mined Bitcoin proxies and more as digital and AI infrastructure.
Peers move in the same direction. Riot Platforms (RIOT) recently sold $200 million worth of bitcoin to fund its operations and AI expansion. As Bitfarms (BITF) sheds its “Bitcoin company” identity and doubles down on AI in the U.S., MARA Holdings (MARA) is also expanding into HPC and AI through a planned 64% stake in France-based Exaion.
Bitdeer shares are down 1% in pre-market trading, trading at $7.70 per share.
