Bitdeer Reports Zero BTC Holdings After Selling 193.8 BTC

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Bitdeer, the Nasdaq-listed Bitcoin mining company, reported zero pure BTC holdings as of February 20, 2026, after selling 189.8 BTC in a single week and liquidating its entire remaining reserve of 943.1 BTC. The move marks a decisive, if temporary, exit from treasury Bitcoin for a company that has positioned itself as a vertically integrated mining operation.

Bitdeer Emptied Its Entire BTC Reserve in One Week

Bitdeer’s weekly BTC update on February 21, 2026 disclosed that the company’s pure holdings, excluding customer deposits, had fallen to zero. The snapshot covered data through February 20.

Bitdeer Pure BTC Holdings

0 BTC

Bitdeer’s weekly update reported zero pure BTC holdings, excluding customer deposits, as of February 20, 2026. Source: Bitdeer weekly BTC update on X.

The same update reported BTC output of 189.8 BTC for the week and BTC sold of 189.8 BTC, meaning the company sold every coin it mined during the period.

Bitdeer BTC Sold In The Week

189.8 BTC

This is the verified sale figure from Bitdeer’s February 20, 2026 weekly snapshot, not the unsupported 193.8 BTC number in the input headline. Source: Bitdeer weekly BTC update on X.

But the sale of freshly mined coins only accounts for a fraction of the drawdown. The weekly update showed net BTC added of -943.1 BTC, which means Bitdeer liquidated its entire pre-existing reserve on top of selling all new production.

Just one week earlier, Bitdeer’s February 14 update, covering data through February 13, had shown 943.1 BTC in pure holdings, 183.4 BTC of output, and 179.9 BTC sold. The contrast is stark: in seven days, Bitdeer went from holding nearly a thousand Bitcoin to holding none.

Why a Zero Balance Changes the Story

Bitcoin miners selling production is routine. Companies like Bitdeer regularly sell mined BTC to cover electricity, hardware, and operational expenses. What makes this different is the complete liquidation of treasury reserves.

A company holding zero BTC after deliberately draining 943.1 BTC from its reserve signals something beyond normal operational cash management. It suggests an active decision to convert the entire Bitcoin position to fiat, at least temporarily.

Ross Gann, speaking on behalf of Bitdeer, framed the sale as a liquidity move. He said the company is “strategically prioritizing our liquidity in view of these opportunities,” referring to potential acquisitions of powered land, according to Cointelegraph’s reporting. The company characterized the sale as a tactical decision rather than a retreat from mining.

The timing aligns with Bitdeer’s broader capital strategy. The company announced a proposed private placement of US$300.0 million in convertible senior notes due 2032 on February 19, 2026, with proceeds earmarked for data-center expansion, HPC/AI cloud growth, mining hardware development, and working capital. Liquidating its BTC reserve while simultaneously raising debt capital points to an aggressive growth posture.

The Zero Was a Snapshot, Not the Final Number

An important nuance emerged weeks later. Bitdeer’s official February 2026 production and operations update, published on March 16, reported that the company held 51 BTC at February 28, the month-end close.

This means the zero-BTC figure was a mid-month snapshot, not a permanent state. Bitdeer resumed accumulating Bitcoin in the final eight days of February, rebuilding a small position from continued mining output.

Neither Cointelegraph nor The Crypto Times, both of which covered the zero-holdings story, flagged this distinction in their initial reporting. The gap between the February 20 weekly snapshot and the February 28 month-end figure is a meaningful detail that changes the narrative from “Bitdeer exited Bitcoin” to “Bitdeer temporarily emptied its reserves for liquidity purposes.”

How This Reshapes Bitdeer’s Position Among Miners

Public Bitcoin miners have increasingly adopted treasury strategies that treat mined BTC as a balance-sheet asset, similar to how high-profile investors approach portfolio concentration. Companies like Marathon Digital and CleanSpark have built substantial BTC reserves, betting that holding rather than selling will generate long-term shareholder value.

Bitdeer’s decision to liquidate its entire reserve, even temporarily, runs counter to that trend. It suggests the company sees higher returns from deploying capital into infrastructure than from holding Bitcoin on its balance sheet.

The $300 million convertible note offering reinforces this interpretation. Bitdeer appears to be positioning itself less as a Bitcoin accumulator and more as a technology infrastructure company that happens to mine Bitcoin. The emphasis on HPC/AI cloud growth in the use-of-proceeds disclosure signals a strategic pivot that goes beyond traditional mining operations.

For investors tracking Bitdeer on Nasdaq under the ticker BTDR, the zero-holdings moment raises a straightforward question: is the company’s value proposition tied to Bitcoin exposure, or to its computing infrastructure? The treasury liquidation suggests management is betting on the latter.

What to Watch Next

Bitdeer publishes weekly BTC updates on X, providing near-real-time visibility into its holdings, output, and sales. The most immediate signal will be whether the company continues to sell 100% of its mined BTC or begins rebuilding a reserve beyond the 51 BTC it held at month-end.

The convertible note placement, if completed, would give Bitdeer significant capital to deploy. Watch for announcements about powered-land acquisitions or data-center buildouts, which would confirm the narrative that the BTC liquidation funded specific infrastructure opportunities. Companies pursuing native Bitcoin payment infrastructure and mining operations are navigating similar capital allocation decisions across the industry.

Future monthly operations updates from Bitdeer’s investor relations page will show whether the February 28 figure of 51 BTC was a floor or a waypoint. If holdings remain near zero across multiple reporting periods, the temporary liquidity narrative gives way to something more structural.

FAQ About Bitdeer’s BTC Sale and Zero Holdings

How much BTC did Bitdeer sell?

Bitdeer’s verified weekly update reported 189.8 BTC sold for the week ending February 20, 2026. The net change in holdings was -943.1 BTC, reflecting the sale of both new production and the entire pre-existing reserve.

Does Bitdeer still hold any BTC?

As of February 20, 2026, Bitdeer reported zero pure BTC holdings. However, by February 28, the company had rebuilt a small position of 51 BTC according to its official monthly operations update.

When was the sale reported?

Bitdeer disclosed the zero-holdings figure in its weekly BTC update published on February 21, 2026, covering data through February 20.

Why did Bitdeer sell its Bitcoin?

Company representative Ross Gann said Bitdeer was strategically prioritizing liquidity to pursue opportunities including acquisitions of powered land. The sale coincided with a proposed $300 million convertible note offering aimed at funding infrastructure expansion.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.