The Nasdaq-listed miner liquidated its entire Bitcoin treasury over eight weeks, dropping from approximately 2,000 BTC to zero.
Bitdeer Technologies has completely zeroed out its Bitcoin reserves, reporting zero BTC on its balance sheet as of February 20, 2026. According to the company’s weekly update, the Nasdaq-listed miner trading under the ticker BTDR sold 943.1 BTC in residual reserves in a single week, in addition to the 189.8 BTC mined during the same period, also entirely liquidated. The figures exclude customer deposits.
The complete liquidation marks the endpoint of an eight-week divestment process. Bitdeer held approximately 2,000 BTC at the end of 2025, which fell to around 1,530 BTC by late January 2026, then to 943.1 BTC on February 13. In that preceding week, the company had mined 183.4 BTC and sold 179.9 BTC, maintaining a pace broadly in line with production. The sale of the entire remaining reserve in the final week marked a sharp acceleration from the previous trend.
The move places Bitdeer in an isolated position relative to its main competitors in the public mining sector. According to BitcoinTreasuries data, MARA Holdings holds approximately 53,250 BTC, while Riot Platforms has accumulated around 18,000 BTC. Bitdeer thus becomes the largest public miner by self-mining hashrate to hold no BTC on its balance sheet.
The liquidation came just days after Bitdeer announced a $325 million convertible notes offering and a $43.5 million equity placement, both aimed at funding data center expansion and a transition toward artificial intelligence.
In a post on X, the company stated:
“Our decision to sell Bitcoin should not be a concern for the broader market. We are currently evaluating multiple non-binding powered land acquisition opportunities, and we believe it is prudent to prepare liquidity now. Our hash rate will continue to grow, and we will continue to mine more Bitcoin for the interest of our shareholders.”
