BitDeer clears 2,000 Bitcoins reserve, Wu Jihan: Not a permanent shift

U.S.-listed cryptocurrency mining company Bitdeer announced in its weekly production report on February 20, 2026, that its Bitcoin holdings have officially dropped to zero, completing its planned eight-week asset reduction program, selling all approximately 2,000 Bitcoins held since late last year. Chairman and CEO Jihan Wu later stated on X that having zero holdings now does not mean future holdings will always be at this level.

Eight-week liquidation complete: the only publicly traded high-hashrate miner with zero holdings

(Source: Bitdeer)

In the final week of its plan, Bitdeer sold 189.8 newly mined Bitcoins and fully liquidated its remaining reserve of 943.1 Bitcoins, completing a systematic asset reduction that began at the end of last year.

After the liquidation, Bitdeer became the only publicly traded mining company with the highest self-mined hash rate that does not hold any Bitcoin on its balance sheet. Its self-mined hash rate now reaches 63.2 EH/s, surpassing Marathon Digital’s 60.7 EH/s, ranking first among listed miners.

Jihan Wu publicly responded to market concerns on X, emphasizing that holding zero coins currently reflects a phased capital allocation decision, not a permanent shift in the company's Bitcoin reserve strategy.

Convertible debt financing, AI transformation, and stock pressure coexist

Bitdeer’s liquidation is closely related to its active financing plans. Last week, the company announced a private placement of $300 million in convertible bonds due in 2032. If underwriters exercise their options, the total fundraising could reach up to $345 million. Following the announcement, the stock price plummeted over 18% in pre-market trading, breaking below $8, with a total decline of over 40% in the past six months.

Recent strategic moves by Bitdeer

Complete Bitcoin reserve liquidation: Finished in eight weeks, selling about 2,000 Bitcoins; management describes this as a phased resource reallocation.

$300 million convertible bonds: Funds aimed at expanding data centers and building high-performance AI cloud infrastructure.

Call option cap mechanism: Implemented simultaneously to mitigate future equity dilution risks from convertible bond conversions.

Hash rate expansion: Self-mined hash rate now at 63.2 EH/s, surpassing Marathon Digital, ranking first among listed miners.

It’s worth noting that during its expansion, Bitdeer experienced a sudden fire in November 2025 at its under-construction facility in Maysville, Ohio, with two buildings catching fire. Fortunately, no injuries occurred, and the affected buildings were still under construction, with no mining machines lost.

Frequently Asked Questions

Why did Bitdeer choose to fully liquidate its Bitcoin holdings instead of other miners’ holding strategies?

According to management, this liquidation aims to free up capital to support the company’s AI cloud infrastructure and data center expansion plans. Wu emphasized that this is a phased capital reallocation, not a permanent abandonment of Bitcoin as a reserve asset. Future holdings strategies remain flexible.

What caused the stock price to plummet after Bitdeer’s $300 million convertible bond issuance?

Investors expressed concerns about potential equity dilution from future bond conversions, coupled with the news of Bitcoin reserve liquidation, which together created a double negative. This led to an over 18% drop in pre-market trading, breaking below $8, with a total decline of over 40% in six months.

Who is Jihan Wu, and why is his statement considered influential?

Jihan Wu is the Chairman and CEO of Bitdeer and a co-founder of Bitmain, the world’s largest cryptocurrency mining hardware manufacturer. He holds significant influence in the global crypto mining industry. His public statements are considered highly relevant for interpreting Bitdeer’s strategic direction.