bitcoin news
BitDeer Technologies, a Bitcoin mining company, has fully liquidated its Bitcoin treasury, reporting zero Bitcoin holdings as of February 20th. This marks a significant shift, with around 2,000 Bitcoins being sold off since the end of 2025.
In the week leading up to February 20th, BitDeer mined 189.8 Bitcoins and sold every one of them, in addition to liquidating the remaining 943.1 Bitcoins in reserves. Interestingly, these figures exclude any customer deposits. Just a week before, on February 13, they had managed to maintain 943.1 Bitcoins after selling 179.9 out of 183.4 Bitcoins mined, balancing their finances despite the significant sales.
The transition from regular sales to complete liquidation within such a short time frame is substantial. At the end of January, BitDeer had about 1,530 Bitcoins, but that number dropped to 943.1 by February 13. The final week saw the total reserves disappear.
Many mining companies typically sell part of their newly mined Bitcoin to cover expenses such as electricity and hardware. Keeping some reserves is a common strategy to take advantage of potential price increases. However, fully liquidating reserves like BitDeer did is quite rare, distinguishing them from most other companies in the space. In contrast, MARA Holdings holds approximately 53,250 Bitcoins and Riot Platforms has about 18,000, while the largest corporate holder, Strategy, boasts over 717,000.
This liquidation follows BitDeer’s announcement of a $325 million convertible debt offering and a $43.5 million stock issue, both intended to finance data center expansion and a move into AI infrastructure. The company’s founder, Jihan Wu, indicated that these funds would support growth across various areas including mining hardware development and general operations. However, the stock price took a dive after the announcement.
Following the liquidation, BitDeer’s financial margins have seen a decline, with a gross profit margin of 4.7% in the fourth quarter of 2025, down from 7.4% the previous year. The company has been focusing more on its self-mining efforts as demand for external mining hardware has decreased.
BitDeer has not clarified whether its zero Bitcoin holdings signify a lasting change in financial strategy or if it’s merely a temporary situation linked to its current capital raise. Additionally, the company is facing a securities class action lawsuit in New York, accusing it of misrepresenting aspects related to the development timeline of the SEAL04 chip. Meanwhile, MARA Holdings has bought a majority stake in Exaion, a French computing infrastructure firm, emphasizing the industry’s shift towards AI and high-performance computing revenue streams.
