I just reviewed the latest operational reports and Bitdeer Technologies has done something quite unusual: they completely liquidated their Bitcoin treasury. They went from 943.1 BTC to zero in just one week. They sold the 189.8 BTC they mined plus another 943.1 they had stored. It’s a drastic change compared to their previous disclosures.

What’s interesting is the context behind this. Bitdeer Technologies is raising $300 million in convertible notes (possibly $345M if they expand). The money is going toward expanding data centers, developing AI cloud capabilities, and upgrading mining hardware. Basically, they are pivoting from being purely miners to becoming hybrid infrastructure providers.

This reflects what’s happening across the entire mining industry. Margins adjusted after the halving, so miners are seeking new sources of revenue. MARA Holdings, for example, just took a majority stake in Exaion, a French computational infrastructure company. The move is clear: combine hash power with AI capacity.

Bitdeer Technologies’ decision to liquidate its Bitcoin treasury suggests they are prioritizing liquidity to fund this expansion. It’s a trade-off: less exposure to price volatility, but more capital available to grow. The market reacted by selling their shares when they announced the financing, showing concern about dilution and whether they can execute this pivot well.

The broader trend is that miners are repositioning. It’s no longer just about hash rate. It’s about having data center infrastructure and computational capacity that can serve AI. Some are fully repurposing their facilities, others like Bitdeer Technologies are being more aggressive with capital raising. CoreWeave and others have already made similar changes.

The question now is whether these hybrid models truly generate more stable cash flows or if Bitdeer Technologies and others are just betting that AI demand will continue to grow. We’ll see how this evolves over the coming quarters.