Bitdeer Liquidates Entire Bitcoin Treasury as Mining Margins Tighten — Will Other Crypto Miners Follow in 2026?

Prashant Jha

Mon, February 23, 2026 at 4:49 PM GMT+9 3 min read

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Key Takeaways

Bitdeer has sold all of its self-owned Bitcoin, reducing its treasury balance to 0 BTC.

Several trackers still show over 1,000 Bitcoins due to outdated data and confusion with customer holdings.

Public miners including TeraWulf, Bitfarms, Riot, and Core Scientific are increasingly selling BTC or pivoting toward AI data centers.

Bitcoin mining giant Bitdeer has liquidated its entire Bitcoin position over the weekend as BTC trades below $68,000 — nearly 50% down from its all-time high.

The sale comes as Bitcoin mining profits hit all-time lows, with the company—once eyeing U.S. expansion—now offloading all the Bitcoin it mined, excluding customer deposits.

Bitdeer Sale Prompts Cash Crunch Speculations

On Feb. 21, Bitdeer mined nearly 184 BTC and sold the entire batch along with an additional 943.1 BTC.

The transaction reduced the company’s Bitcoin treasury to zero.

Bitdeer sells its entire BTC holdings. Credit: Bitdeer.

The sale immediately fueled speculation about a liquidity crunch, falling profitability, or expectations of further downside in Bitcoin’s price, which was hovering between $65,000 and $68,000 at the time of writing.

The liquidation also comes as Bitdeer’s self-managed Bitcoin hashrate surpassed that of MARA (formerly Marathon Digital), making it the publicly traded company with the highest self-managed mining capacity.

Bitdeer kicked off 2026 holding roughly 2,000 BTC.

That figure declined to 1,530 BTC by the end of January, then to 943.1 BTC by Feb. 13 — before being fully liquidated days later.

However, confusion quickly followed.

Several treasury trackers — including The Block, bitcointreasuries.net, and bitbo.io — still list Bitdeer with holdings ranging from 943 BTC to over 2,000 BTC.

Some figures reflect January data or late-2025 filings.

The discrepancy likely stems from reporting delays.

Many trackers rely on quarterly financial filings or visible on-chain wallet movements, which lag real-time disclosures.

Bitdeer’s latest update came via its Feb. 20 weekly X post, and many dashboards had not refreshed by the time news broke.

Bitdeer Joins Mass Shift to AI Data Centers?

Bitdeer appears to be redirecting capital toward expansion beyond pure Bitcoin mining.

The company recently announced a $43.7 million equity offering alongside a convertible note agreement worth up to $325 million.

The funding is expected to support expansion into artificial intelligence (AI) and high-performance computing (HPC).

These businesses can generate significantly higher revenue per megawatt of power compared to traditional mining operations.

Bitdeer is not alone.

Low mining margins are pushing public miners to rethink their business models.

Story continues  

Firms such as Cipher Mining, Core Scientific, Riot, and others have begun selling mined BTC or reallocating infrastructure toward AI workloads.

Across the industry, roughly 70% of public miners now have AI or HPC initiatives underway.

This is because AI infrastructure can generate three to twenty-five times more revenue per kilowatt than Bitcoin mining, often with profit margins between 80% and 90%.

As a result, many companies no longer treat BTC as a long-term treasury asset.

Instead, they sell production regularly — and in some cases tap reserves — to finance expansion into AI data centers.

Bitdeer’s shift to a zero-BTC balance marks one of the clearest signals yet of structural change within the mining sector.

When the largest public miner by self-managed hashrate liquidates its holdings, the industry takes notice.

Mining remains core to these firms, but reliance on Bitcoin alone is becoming increasingly risky when the same power capacity can produce substantially higher returns through AI workloads.

In 2026, more miners are likely to follow Bitdeer’s path — selling BTC, restructuring debt, and building AI-optimized data centers.

For investors, this shift suggests mining stocks may increasingly resemble technology infrastructure plays rather than pure crypto proxies.

The era of “HODL all mined Bitcoin” appears to be fading as the industry pivots toward the AI boom.

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The post Bitdeer Liquidates Entire Bitcoin Treasury as Mining Margins Tighten — Will Other Crypto Miners Follow in 2026? appeared first on ccn.com.

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