Bitdeer Sells All Bitcoin, Raises $300M Debt

Bitdeer Technologies Group reported that it held zero Bitcoin as of February 20, 2026, after selling all 189.8 BTC mined during the prior week and its remaining reserve of 943.1 BTC. The sale completed an eight‑week run‑down from roughly 2,000 BTC at the end of December 2025, marking a full exit from a treasury position that the miner had previously built up.

Company disclosures show that Bitdeer’s Bitcoin holdings declined from about 2,000 BTC in late December to 1,900.9 BTC in early January, then to 1,530 BTC by the end of that month, a 24% drop in January alone. By February 14, reserves had fallen below 1,000 BTC, at 943.1 BTC, before being fully liquidated within the following week. The firm now sells every Bitcoin it mines on a same‑week basis.

This approach contrasts with the strategies of other large U.S.-listed miners. Peers such as MARA Holdings and Riot Platforms continue to accumulate significant on‑balance‑sheet Bitcoin positions, holding approximately 53,000 BTC and 18,000 BTC respectively, according to figures cited alongside Bitdeer’s disclosure.

Bitdeer’s announcement that its Bitcoin holdings had fallen to zero came one day after the company detailed a new financing package. On February 19, Bitdeer unveiled a $300 million convertible note offering due in 2032, which includes a $45 million greenshoe option, alongside a direct sale of Class A common shares. The combined transactions are intended to fund a shift in the company’s capital allocation priorities.

The market reaction was negative in the near term: news of the convertible notes and direct equity offering pushed Bitdeer’s share price down 17%, sending the stock to a 10‑month low on February 19. The financing increases both potential future dilution, via conversion of the notes and new equity, and current leverage on the balance sheet.

Bitdeer has been channeling capital into developing its SEALMINER series of proprietary ASIC mining chips and building artificial intelligence data center infrastructure. Analysts at Panabee attributed the 24% drop in Bitcoin holdings during January to capital expenditures that existing operational cash flow could not fully support, prompting both asset sales and new external financing.

The move away from holding mined Bitcoin toward immediate monetization aligns with this capital‑intensive pivot. By selling production rather than retaining it on the balance sheet, Bitdeer is prioritizing near‑term liquidity to fund chip research, manufacturing capabilities and data center build‑outs, while forgoing potential upside from future Bitcoin price appreciation.

Bitdeer’s strategic and financing changes are unfolding against the backdrop of ongoing litigation. The company is the subject of a class action lawsuit in the U.S. District Court for the Southern District of New York, which alleges misleading disclosures regarding the performance and development timeline of its SEAL04 ASIC chip.

In November 2025, Bitdeer acknowledged that SEAL04 was “significantly delayed” and that it was missing previously communicated efficiency targets. Plaintiffs contend that earlier company statements did not adequately reflect those issues. The combination of development delays, legal scrutiny, the liquidation of Bitcoin reserves, and new convertible debt underscores the execution risk attached to Bitdeer’s effort to establish a larger presence in chip design and AI infrastructure.