Bitdeer dumps corporate Bitcoin, targets AI expansion

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Bitdeer sells all BTC

Highlights

Bitdeer reduced its Bitcoin treasury holdings to zero.
The firm is raising $300 million in convertible notes due 2032.
Proceeds will fund datacenters, AI cloud and mining hardware expansion.

The Nasdaq-listed firm disclosed in its latest operational update that its “pure holdings,” excluding customer deposits, have fallen to 0 BTC. During the reported period, Bitdeer produced 189.8 BTC and sold the entire amount, along with an additional 943.1 BTC from its existing reserves.

Treasury reset amid market pressures

Mining companies typically sell part of their newly mined Bitcoin to cover operational expenses such as electricity and hardware costs, while maintaining a treasury position to benefit from potential price appreciation. Fully eliminating corporate reserves is less common in the sector, particularly among large publicly traded firms.

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Bitdeer’s move comes as Bitcoin trades near $68,000, well below its late-2025 peak above $126,000. The mining industry continues to face margin pressure following the 2024 halving, which cut block rewards from 6.25 BTC to 3.125 BTC, increasing reliance on scale and efficiency, Cointelegraph reports.

The company, founded by former Bitmain co-founder Jihan Wu, has increasingly shifted toward self-mining as demand for its mining rigs has softened. By deploying its own equipment rather than selling hardware to customers, Bitdeer aims to stabilize revenue streams.

$300 million convertible note offering

Alongside the treasury liquidation, Bitdeer announced plans to raise $300 million through a private placement of Convertible Senior Notes due 2032, with an option to increase the offering by up to $45 million. The notes will be general, senior unsecured obligations and may be converted into cash, Class A ordinary shares or a combination of both.

The company said proceeds will support datacenter expansion, high-performance computing and AI cloud growth, ASIC mining rig development and general corporate purposes. A portion of the funds will also be used for capped call transactions designed to offset potential dilution from note conversions.

Bitdeer additionally signaled plans for a concurrent registered direct equity offering and partial repurchase of its 5.25% convertible senior notes due 2029, subject to market conditions.

Strategic shift

The simultaneous liquidation of Bitcoin reserves and pursuit of fresh capital suggests a strategic pivot toward infrastructure and AI-related expansion rather than treasury exposure to Bitcoin price movements.

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