Bitcoin miners see treasury shift as Bitdeer sells all BTC

Bitdeer sold all Bitcoin; corporate BTC balance now zero

Bitdeer has completely liquidated its corporate Bitcoin treasury and is carrying zero BTC on its balance sheet as of February 20, 2026, according to Yahoo Finance. The outlet also noted the Singapore-based firm is now the largest publicly traded self-miner by hash rate.

In its Friday weekly update, the company said it produced and sold 189.8 BTC during the period and sold all its Bitcoins, as reported by Stocktwits News. The update indicated a net outflow of 943.1 BTC tied to the liquidation.

Why Bitdeer liquidated: treasury policy and operational priorities

The move signals a treasury policy centered on liquidity and operating resilience rather than retaining mined coins as a reserve asset. For a capital-intensive miner, converting inventory to cash can reduce balance sheet volatility and align cash flows with near-term buildout and equipment needs.

As reported by Cointelegraph, the full liquidation sits alongside a financing plan involving roughly $300–$325 million in convertible senior notes due 2032, with proceeds directed to data center expansion, AI cloud infrastructure, ASIC hardware development, and general working capital. This pivots the company’s financial exposure from Bitcoin price swings toward execution risk in infrastructure and hardware.

Analysts have contrasted Bitdeer’s sell-through model with peers that hold material BTC treasuries. “Bitdeer sells all mined coins and even part of its reserves to fund its AI initiatives,” said Matthew Sigel, Head of Research at VanEck.

What this means for miners, markets, and Bitdeer’s roadmap

For miners, Bitdeer’s decision underscores that treasury strategy is an active lever: selling production improves liquidity and de-risks balance sheets, while holding BTC preserves upside but adds price volatility. The optimal mix tends to shift with network economics, capital costs, and the cadence of expansion plans.

For broader markets, single-company treasury shifts are unlikely to determine Bitcoin’s direction by themselves, but they can inform how investors evaluate miner business models. When miners rotate from “hodling” to sell-through to fund growth, the signal is that operational priorities are taking precedence over balance-sheet BTC exposure.

For Bitdeer’s roadmap, a zero-BTC stance narrows commodity risk and focuses attention on execution in data centers, AI cloud services, and ASIC development. If the company converts liquidity into efficient capacity and differentiated hardware, returns could be driven more by operating leverage than passive BTC appreciation; if not, the trade-off may reduce participation in potential Bitcoin upside.

At the time of this writing, Bitcoin (BTC) traded around $67,417 with very high 11.37% volatility, 13 green days over the last 30 (43%), and a 14-day RSI near 38.61 with sentiment labeled Bearish. These figures provide context for the environment in which the treasury shift occurred.