Bitdeer Technologies Group liquidated its entire bitcoin holdings to bankroll its expansion into AI data centers

Singapore-headquartered Bitdeer Technologies Group has exited its entire bitcoin treasury position to shore up liquidity for expansion, underscoring a growing shift among miners reallocating capital toward AI infrastructure.

As of Feb. 20, the company reported zero BTC on its balance sheet, excluding customer deposits. In its most recent weekly update, Bitdeer said it produced 189.8 BTC and sold the full amount. The approach contrasts with the coin-retention strategy embraced by firms such as Strategy, which treat bitcoin as a long-term reserve asset.

In a post on X, Bitdeer emphasized that the liquidation should not be interpreted as a bearish signal. Management said the company is evaluating multiple powered land acquisition opportunities and views it as prudent to strengthen liquidity while continuing to expand hash rate and mine bitcoin for shareholders.

Operationally, the company continues to scale. Bitdeer mined 668 BTC in January, representing a 430% year-over-year increase. Its self-mining hash rate rose to 63.2 exahashes per second (EH/s), while total proprietary hash rate reached 65.1 EH/s.

At the same time, Bitdeer is accelerating its push into AI and high-performance computing (HPC). The firm is deploying NVIDIA GB200 NVL72 systems in Malaysia and converting several sites in the U.S. and Europe from crypto mining operations into AI data centers. Compared with incremental mining expansions, AI infrastructure development is significantly more capital intensive, requiring large GPU clusters and extensive facility upgrades.

To fund this transition, Bitdeer recently priced a $325 million convertible notes offering alongside a $43.5 million equity raise. The proceeds will support data center expansion, AI cloud and HPC growth, as well as ASIC development.

The strategic pivot reflects broader changes across the mining sector. Bitcoin mining revenues are closely tied to price volatility and halving cycles, while AI and HPC contracts can offer more stable and predictable cash flows. By diversifying, miners aim to be valued more as digital infrastructure providers than as leveraged proxies for bitcoin.

Other industry players are making similar moves. Riot Platforms recently sold $200 million worth of bitcoin to support operations and AI expansion. Bitfarms has deemphasized its identity as a pure bitcoin miner while expanding AI initiatives in the U.S. Meanwhile, MARA Holdings is moving deeper into HPC and AI through a planned 64% stake in France-based Exaion.

Shares of Bitdeer were down about 1% in pre-market trading, changing hands near $7.70.