I noticed an interesting move by Bitdeer — the Singapore-based mining company has completely cleared its Bitcoin reserves. As of February 20, they had exactly zero BTC (except for client deposits). In a week, they mined 189.8 Bitcoin and immediately sold everything. At the current price, that’s roughly $67K around $12-13 million per coin.

Usually, miners hold the mined coins on their balance sheets, but this mining company chose a different path. They are redirecting all capital into AI infrastructure and data centers. Just recently, they valued their issuance of convertible bonds at $325 million and raised $43.5 million in equity. The funds are going toward expanding capacity, deploying NVIDIA servers in Malaysia, and converting facilities in the US and Europe.

Operationally, the company is growing quite well — in January, they mined 668 BTC, a 430% year-over-year increase. Hashrate reached 63.2 EH/s. Bitdeer explains that they are simply preparing liquidity for land acquisitions for new facilities. It seems the mining company is betting that AI infrastructure will be more profitable than just accumulating Bitcoin.

Regarding the market: BTC is currently around $67K, down 0.92% in 24 hours, and down 5.6% over the week. It’s good to see other miners like Riot Platforms also shifting to a similar strategy — they even sold BTC worth $200 million to expand.