Bitcoin mining firm Bitdeer has sold all of its corporate Bitcoin holdings, reducing its treasury balance to zero. The company’s latest operational update reveals its “pure holdings” have fallen to 0 BTC. During the period, Bitdeer produced 189.8 BTC and sold the full amount, along with an additional 943.1 BTC from existing reserves.
Mining firms commonly sell a portion of production for operational costs, but fully liquidating reserves is less typical.
Earlier this week, Bitdeer announced plans to raise $300 million through a convertible senior note offering, with an option to expand by $45 million. These funds are earmarked for data center expansion, AI cloud growth, mining hardware development, and general corporate needs. The company, founded by former Bitmain co-founder Jihan Wu, is also expanding its self-mining operations.
The broader mining industry is witnessing a pivot towards artificial intelligence. Following the recent halving and tighter margins, several miners are adopting hybrid models combining Bitcoin production with AI and high-performance computing revenue. Companies are repurposing facilities for data-center use, while some have transitioned entirely into AI infrastructure providers.