Publicly traded miner Bitdeer sells all its Bitcoin at once! Wu Jihan: This doesn't represent a long-term strategy

Publicly traded miner "Bitdeer Technologies" recently announced its weekly production report, showing that as of February 20, the company had fully liquidated all its holdings and no longer owns any Bitcoin.
This Nasdaq-listed cryptocurrency mining company (NYSE: BTDR) revealed in the report that last week it mined 189.8 Bitcoin and sold all of them; at the same time, the remaining 943.1 Bitcoin on its books were also sold for cash. Notably, these figures do not include assets stored by customers on the platform.
Looking at Bitdeer’s recent financial movements, this "liquidation" was actually foreshadowed and has accelerated noticeably in recent weeks. At the end of last year, the company held about 2,000 Bitcoin; by the end of January this year, holdings had decreased to around 1,530; by February 13, it further shrank to 943.1 Bitcoin, with that week producing 183.4 Bitcoin and selling 179.9 Bitcoin, roughly maintaining a "mine and sell" rhythm.
However, in the past week, Bitdeer chose to sell all remaining holdings at once, completely clearing out its assets.
The timing of this large-scale cash-out is quite intriguing. Just a few days ago, Bitdeer announced a $325 million convertible bond issuance and raised $43.5 million through private equity placement.
It is understood that these intense fundraising activities are primarily aimed at expanding data centers and supporting the group's massive capital needs for its AI transformation.
Bitdeer’s "zero holdings" approach is particularly unusual among publicly listed miners. According to Bitcoin Treasuries data, competitors like MARA Holdings still hold about 53,250 Bitcoin; Riot Platforms also holds around 18,000 Bitcoin. In the mining industry, even though miners often act as "net sellers" to cover operational costs, completely draining company reserves is rare.
Bitdeer’s extreme strategy somewhat reflects the severe challenges currently facing the Bitcoin mining industry. In recent adjustments, Bitcoin mining difficulty surged by 14.7%; simultaneously, the hash price—a key profitability indicator estimating daily expected income per unit of hash power—plummeted below $30 per PH/s per day.
On the other hand, Bitdeer’s gross profit margin in Q4 last year dropped sharply from 7.4% a year earlier to 4.7%. With rising costs and declining revenues, miners are under cash flow pressure, and liquidating assets to maintain operational flexibility has become a practical option.
In response to these developments, Bitdeer founder and chairman Wu Jihan responded on social platform X, stating: "Holding zero now does not mean it will always be so in the future. Thank you for your attention."

Now holding zero does not mean it will always be so in the future. Thank you for your attention. https://t.co/Fv2G8bdA8f

— Jihan Wu (@JihanWu) February 22, 2026