Singapore-based Bitdeer Technologies Group has fully liquidated its bitcoin treasury to strengthen liquidity for expansion, highlighting a wider shift among miners redirecting capital toward AI infrastructure.
As of Feb. 20, the company reported zero BTC holdings on its balance sheet, excluding customer deposits. In its latest weekly update, Bitdeer disclosed that it produced 189.8 BTC and sold the entire amount. The move represents a clear break from the accumulation strategy favored by companies such as Strategy, which treat bitcoin as a long-term reserve asset.
In a statement posted on X, Bitdeer said the decision to sell its holdings should not be viewed as a negative signal for the crypto market. Management noted it is assessing multiple powered land acquisition opportunities and believes raising liquidity now is prudent, while continuing to grow hash rate and mine bitcoin on behalf of shareholders.
Operational momentum remains strong. The firm mined 668 BTC in January, a 430% increase year over year, and boosted its self-mining hash rate to 63.2 exahashes per second (EH/s). Total proprietary hash rate climbed to 65.1 EH/s.
Alongside mining growth, Bitdeer is fast-tracking its push into AI infrastructure. The company is deploying NVIDIA GB200 NVL72 systems in Malaysia and converting several sites across the U.S. and Europe from crypto mining facilities into AI-focused data centers. Unlike incremental mining expansions, AI buildouts demand significantly more capital, including large-scale GPU deployments and extensive data center upgrades.
To finance the transition, Bitdeer recently completed a $325 million convertible notes offering and raised an additional $43.5 million through an equity sale. The proceeds are earmarked for data center expansion, high-performance computing (HPC) and AI cloud growth, as well as ASIC development.
The strategic pivot mirrors a broader industry trend. Bitcoin mining revenues are closely tied to market cycles and halving events, while AI and HPC contracts can provide steadier and more predictable income streams. By diversifying into AI infrastructure, miners are seeking valuations more aligned with digital infrastructure providers than with leveraged bitcoin exposure.
Peers are making similar moves. Riot Platforms recently sold $200 million worth of bitcoin to fund operations and AI initiatives. Bitfarms has downplayed its identity as a pure bitcoin miner while expanding AI efforts in the U.S. Meanwhile, MARA Holdings is advancing into HPC and AI through a planned 64% stake in France-based Exaion.
Bitdeer shares were down about 1% in pre-market trading, changing hands near $7.70.
