Blab Crypto
Bitdeer Sells Entire Bitcoin Treasury to Fund AI Data Center Expansion
Bitdeer Technologies, the Singapore‑based mining operator listed on Nasdaq as BTDR, has liquidated every Bitcoin it held, selling more than 3,231 BTC for a total of over $205 million in February 2026. The sale, completed on February 20, signals a decisive shift from cryptocurrency mining to the construction of artificial‑intelligence (AI) and high‑performance computing (HPC) infrastructure.
At the close of January 2026, Bitdeer’s balance sheet recorded roughly 1,530 BTC. By the end of the following week, that figure had dropped to zero. In that span the company sold 189.8 BTC that it mined during the week and 943.1 BTC from its existing reserve. Since that week, each block reward has been sold immediately upon production, a strategy that has generated cumulative proceeds exceeding $205 million.
The February 2026 mining run produced 705 BTC, a 541 % increase over the 2025 February figure. Bitdeer’s self‑mining hash rate reached 68 exahashes per second (EH/s), while its total managed hash power stood at about 79 EH/s. The company is redirecting the proceeds to convert its mining sites into AI‑ready data centers, deploying NVIDIA GB200 GPU systems that are suited for large‑language‑model training and inference.
In addition to the Bitcoin sales, Bitdeer raised $325 million through a convertible‑notes offering and $43.5 million from equity placements in early 2026. Together, these funds bring the company’s total earmarked for data‑center expansion and advanced computing deployments to roughly $575 million.
Bitdeer is not alone in pursuing an AI pivot. Riot Platforms, Bitfarms, and several other miners have announced similar diversification plans, citing the high demand for power, cooling, and physical space that AI workloads require. Most of these firms, however, retain some Bitcoin on their balance sheets as a treasury reserve. Bitdeer’s decision to hold zero BTC is unique; it has eliminated the traditional mining absorption of new supply.
Historically, miners have acted as natural accumulators, taking newly created Bitcoin and holding it, which reduces the amount of new coins that appear on exchanges. When miners adopt a “mine‑and‑sell” strategy, that absorption disappears. Every block reward becomes immediate sell pressure, potentially increasing the number of new coins that enter the market each day.
The industry’s pivot to AI infrastructure reflects broader trends. Bitcoin miners own the three key assets that AI companies need: large‑scale power capacity, cooling infrastructure, and physical space. Converting mining sites into AI data centers is expected to accelerate as the AI boom continues.
Bitdeer’s transformation is part of a larger structural shift. If other major miners follow its lead and maintain zero Bitcoin holdings, the supply dynamics of Bitcoin could change. Instead of miners holding a portion of the daily issuance of roughly 450 BTC, all new supply could be sold immediately, altering the flow of coins into the market.
The move also underscores the financial pressures facing the mining sector. Mining economics have tightened since the April 2024 halving, with network difficulty rising and hashprice falling. Bitdeer’s conversion to AI infrastructure is a response to those conditions, seeking higher‑margin revenue streams.
In short, Bitdeer has sold all of its Bitcoin holdings, generating over $205 million in cash that it is using to build AI and HPC data centers. The company has raised additional capital, bringing its total available for expansion to around $575 million. While the broader mining industry is exploring similar pivots, Bitdeer’s complete abandonment of Bitcoin reserves is unprecedented and could influence how new Bitcoin supply enters the market in the coming years.
At the close of January 2026, Bitdeer’s balance sheet recorded roughly 1,530 BTC. By the end of the following week, that figure had dropped to zero. In that span the company sold 189.8 BTC that it mined during the week and 943.1 BTC from its existing reserve. Since that week, each block reward has been sold immediately upon production, a strategy that has generated cumulative proceeds exceeding $205 million.
The February 2026 mining run produced 705 BTC, a 541 % increase over the 2025 February figure. Bitdeer’s self‑mining hash rate reached 68 exahashes per second (EH/s), while its total managed hash power stood at about 79 EH/s. The company is redirecting the proceeds to convert its mining sites into AI‑ready data centers, deploying NVIDIA GB200 GPU systems that are suited for large‑language‑model training and inference.
In addition to the Bitcoin sales, Bitdeer raised $325 million through a convertible‑notes offering and $43.5 million from equity placements in early 2026. Together, these funds bring the company’s total earmarked for data‑center expansion and advanced computing deployments to roughly $575 million.
Bitdeer is not alone in pursuing an AI pivot. Riot Platforms, Bitfarms, and several other miners have announced similar diversification plans, citing the high demand for power, cooling, and physical space that AI workloads require. Most of these firms, however, retain some Bitcoin on their balance sheets as a treasury reserve. Bitdeer’s decision to hold zero BTC is unique; it has eliminated the traditional mining absorption of new supply.
Historically, miners have acted as natural accumulators, taking newly created Bitcoin and holding it, which reduces the amount of new coins that appear on exchanges. When miners adopt a “mine‑and‑sell” strategy, that absorption disappears. Every block reward becomes immediate sell pressure, potentially increasing the number of new coins that enter the market each day.
The industry’s pivot to AI infrastructure reflects broader trends. Bitcoin miners own the three key assets that AI companies need: large‑scale power capacity, cooling infrastructure, and physical space. Converting mining sites into AI data centers is expected to accelerate as the AI boom continues.
Bitdeer’s transformation is part of a larger structural shift. If other major miners follow its lead and maintain zero Bitcoin holdings, the supply dynamics of Bitcoin could change. Instead of miners holding a portion of the daily issuance of roughly 450 BTC, all new supply could be sold immediately, altering the flow of coins into the market.
The move also underscores the financial pressures facing the mining sector. Mining economics have tightened since the April 2024 halving, with network difficulty rising and hashprice falling. Bitdeer’s conversion to AI infrastructure is a response to those conditions, seeking higher‑margin revenue streams.
In short, Bitdeer has sold all of its Bitcoin holdings, generating over $205 million in cash that it is using to build AI and HPC data centers. The company has raised additional capital, bringing its total available for expansion to around $575 million. While the broader mining industry is exploring similar pivots, Bitdeer’s complete abandonment of Bitcoin reserves is unprecedented and could influence how new Bitcoin supply enters the market in the coming years.
