Bitdeer Empties Its Bitcoin Treasury Amid Mounting Pressure on Mining Margins

• Why Did Bitdeer Liquidate All Its Bitcoin Holdings?
• How Does Bitdeer’s Strategy Compare to Other Miners?
• What’s Driving the Squeeze on Mining Profits?
• Is This a Temporary Move or a New Policy?
• What’s Next for Bitdeer and the Mining Sector?
• Frequently Asked Questions

Bitdeer Technologies has made a bold move by liquidating its entire bitcoin holdings, reducing its treasury to zero BTC as of February 20, 2026. This decision starkly contrasts with industry peers, who continue to accumulate or hold reserves. The move comes amid tightening mining margins, rising network difficulty, and recent capital raises. Here’s a deep dive into why Bitdeer is bucking the trend and what it means for the mining sector.

Why Did Bitdeer Liquidate All Its Bitcoin Holdings?

Bitdeer (BTDR), a Nasdaq-listed mining firm, reported mining 189.8 BTC last week—and sold every last coin. Not stopping there, the company also offloaded its remaining 943.1 BTC reserves, bringing its total holdings to zero. This doesn’t include client deposits, but the accelerated sell-off is hard to ignore. Just a month ago, Bitdeer held 1,530 BTC; at the start of the year, it was nearly 2,000 BTC. The firm’s weekly production updates reveal a clear strategy shift: from holding to full liquidation. For context, most public miners like MARA and Riot Platforms retain significant reserves, making Bitdeer’s MOVE a head-turner.

How Does Bitdeer’s Strategy Compare to Other Miners?

Bitdeer’s zero-BTC stance sets it apart from giants like Marathon Digital (53,250 BTC), Riot Platforms (~18,000 BTC), and MicroStrategy (717,000 BTC). Even miners who regularly sell portions of their output typically keep some reserves. So, why the fire sale? The answer lies in the numbers: Bitcoin’s network difficulty spiked 14.7% recently, pushing mining costs higher. Meanwhile, the hashprice—a key metric for miner revenue—has dipped below $30 per PH/s per day, squeezing margins. Bitdeer’s gross margin fell to 4.7% in Q4 2025, down from 7.4% a year earlier. Facing these pressures, the firm raised $325 million via convertible notes and $43.5 million in private placements to fund data center expansions and a pivot toward AI. Selling its BTC stash may be a liquidity play, but it’s a risky bet in a sector where HODLing is dogma.

What’s Driving the Squeeze on Mining Profits?

The math is brutal: higher difficulty + lower hashprice = thinner margins. The recent 14.7% difficulty hike means miners need more computational power to earn the same rewards. At the same time, Bitcoin’s price hasn’t kept pace, leaving revenues per PH/s at multi-year lows. Bitdeer isn’t alone in feeling the pinch—public miners’ Q4 2025 earnings reports were littered with warnings about profitability. Some analysts argue that only firms with ultra-low energy costs or vertical integration (like owning their own rigs) will survive long-term. Bitdeer’s liquidation could signal a shift toward short-term survival tactics over long-term accumulation.

Is This a Temporary Move or a New Policy?

Bitdeer hasn’t clarified whether this is a one-time liquidity crunch response or a permanent policy change. The timing is curious, though. The firm recently faced a securities class-action lawsuit in New York over alleged misrepresentations about its SEAL04 chip timeline. While unrelated to the BTC sales, the legal overhang may have added urgency to shore up cash reserves. On the flip side, if Bitcoin’s price rallies in 2026, Bitdeer’s empty treasury could leave it sidelined from upside gains. For now, the market is watching to see if other cash-strapped miners follow suit.

What’s Next for Bitdeer and the Mining Sector?

Bitdeer’s gamble highlights the growing divide in mining: HODLers versus pragmatists. With its AI pivot and data center builds, the firm seems to be diversifying away from pure-play Bitcoin mining. But in a sector where conviction in BTC’s long-term value is gospel, going to zero reserves is heresy. If margins don’t improve, more miners may face the same tough choices—sell to survive or hold and hope. One thing’s clear: 2026 is shaping up to be a make-or-break year for public miners.