Bitdeer Sells Entire Bitcoin Treasury, Raises $300M via Notes
Bitcoin miner Bitdeer has sold all of its corporate Bitcoin, bringing its treasury balance to zero, according to the company’s latest operational update.
In its most recent weekly report, the firm said its “pure holdings,” which exclude customer deposits, declined to 0 Bitcoin (BTC). During the period, Bitdeer produced 189.8 BTC and sold the entire amount, in addition to liquidating 943.1 BTC from existing reserves.
An earlier update on Feb. 13 indicated the company still held 943.1 BTC at that time, after selling 179.9 BTC from 183.4 BTC mined that week, keeping its treasury intact despite routine sales of newly mined coins, as announced on their official Twitter status.
Mining companies commonly sell a portion of production to cover electricity, hosting and equipment expenses while maintaining a treasury for market exposure. Fully selling down reserves is less common. The company did not immediately respond to a request for comment.
Bitdeer unveils $300 million convertible notes offering
On Thursday, Bitdeer’s shares declined sharply after it announced a plan to raise $300 million through a convertible senior notes offering, with an option to increase the size by an additional $45 million. The notes, maturing in 2032, are convertible into the company’s stock, cash, or a combination of both. Founded by former Bitmain co-founder Jihan Wu, Bitdeer said proceeds will fund data center expansion, AI cloud initiatives, mining hardware development, and general corporate purposes.
The company has also been growing its self-mining operations amid softer demand for mining equipment, increasingly deploying its own rigs to mine Bitcoin rather than selling machines to customers.
Miners accelerate shift toward AI
On Friday, MARA Holdings acquired a majority stake in French computing infrastructure provider Exaion, expanding further into artificial intelligence and cloud services. The transaction gives MARA France a 64% ownership interest, while energy company EDF remains a minority shareholder and customer.
Following the 2024 halving and margin compression, several miners have adopted hybrid models that combine Bitcoin production with AI and high-performance computing revenue. Companies including HIVE, Hut 8, TeraWulf and IREN are repurposing facilities and energy assets for data center applications, while firms such as CoreWeave have fully transitioned to AI infrastructure.
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