Bitdeer’s Great Escape: From Bitcoin to AI, a Tale of Desperation and Delight

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In a move as sudden as a chess master’s checkmate, the Singapore-based Bitcoin miner Bitdeer has unceremoniously jettisoned its entire BTC treasury, forsaking the industry’s sacrosanct holding strategy with the grace of a flamingo abandoning its pond.

This dramatic volte-face arrives as the plummeting profitability of mining compels the company to restructure its debts and embark on a frenzied pivot toward the siren song of artificial intelligence. Ah, the sweet irony of trading one digital mirage for another!

Why Did This Bitcoin Miner Dump Its Holdings?

On the fateful day of February 20, the crypto mining impresario revealed that its BTC holdings had dwindled to a resounding zero, its reserves drained as thoroughly as a martini at a Nabokov soiree. Notably, this excludes the deposits of its hapless customers, who remain blissfully unaware of the tempest in their teacups.

The firm, with a flourish worthy of a magician, confirmed the sale of its entire recent output of 189.8 Bitcoin, while simultaneously posting a net reduction of 943.1 Bitcoin. A financial tightrope walk, indeed!

Bitdeer #BTC Weekly Update

🔹 BTC Holdings: 0 (pure holdings, excluding customer deposits)
🔹 BTC Output: 189.8 BTC
🔹 BTC Sold: 189.8 BTC
🔹 Net BTC Added: -943.1 BTC
📅 Data as of February 20, 2026.#Bitcoin #BTC #BitcoinHoldings #BitcoinCommunity #BTCMining $BTDR

– Bitdeer (@BitdeerOfficial) February 21, 2026

This aggressive sell-off, a desperate gambit in the face of a deepening crisis, underscores the plight of operators ensnared in a margin squeeze so severe it would make a corset seem spacious. Ah, the perils of dancing on the precipice of financial oblivion!

Following a fleeting reprieve courtesy of US winter storms that temporarily silenced domestic mining fleets, the Bitcoin network rebounded with the vigor of a phoenix, its difficulty surging 14.7% this week. The largest upward adjustment since May 2021, it obliterates the fleeting operational relief miners had dared to savor earlier in the year.

Consequently, mining profitability, that fickle metric known as hashprice, has plummeted to a paltry $30 per petahash per day. Teetering precariously above its all-time low, it forces production costs to soar like a kite in a hurricane.

Bitdeer Seeks Funding for AI Pivot

To navigate this financial maelstrom, Bitdeer has turned its gaze toward Wall Street, that bastion of capitalist alchemy, to fund its audacious pivot into the realm of artificial intelligence. A strategic leap, or a desperate lunge? Only time will tell.

On February 20, the company unveiled an upsized $325 million private sale of convertible senior notes, a financial instrument as convoluted as a Nabokov plot. The sale, slated to close on February 24, includes an option for the initial purchasers to acquire an additional $50 million in notes, because why stop at mere excess when you can embrace extravagance?

This financial maneuvering is as defensive as a hedgehog in a thunderstorm. Bitdeer will allocate $138.2 million to repurchase its existing 5.25% convertible senior notes due in 2029, effectively extending its runway by restructuring its debt. A masterstroke of fiscal gymnastics!

Another $29.2 million will be funneled into capped call transactions, a financial insurance policy as reassuring as a life jacket on the Titanic. This safeguards existing shareholders from dilution should the stock price ascend to giddy heights.

The remaining proceeds herald a strategic departure from the pure-play crypto mining arena. Bitdeer has declared its intention to deploy the fresh capital to expand its high-performance computing and AI cloud businesses, develop proprietary ASIC mining rigs, and fund data center expansion. A bold new world awaits, or so they say.

Meanwhile, this treasury liquidation and strategic pivot unfold against the backdrop of a paradoxical industry milestone: Bitdeer now reigns as the largest publicly traded self-miner in the world. Recent reports reveal that its self-managed hash rate has soared to 63.2 exahashes per second, surpassing the erstwhile leader Marathon Digital’s 60.4 EH/s. A crown of thorns, perhaps, but a crown nonetheless.

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2026-02-22 17:21