Bitdeer Technologies, a prominent Bitcoin mining operator backed by industry figure Jihan Wu, has sharply recalibrated its Bitcoin treasury, reporting a zero balance in its corporate holdings. In the latest weekly operations update, the company disclosed that its “pure holdings,” which exclude client deposits, have fallen to 0 BTC. The period saw the production of 189.8 BTC, all of which were sold, alongside an additional 943.1 BTC liquidated from existing treasury reserves. This marks a notable shift from earlier disclosures, when the treasury still held a substantial balance.

Key takeaways

• Bitdeer reports zero corporate Bitcoin in its treasury, after selling 189.8 BTC produced in the latest period plus 943.1 BTC drawn from reserves.
• A February update showed the treasury at 943.1 BTC, with 179.9 BTC sold from 183.4 BTC mined that week, leaving treasury holdings unchanged at that time.
• The company is pursuing a significant financing move, announcing plans to raise $300 million through a convertible senior note offering, with a possible expansion to $345 million.
• The notes, due in 2032, can be converted into stock, cash, or a mix, and are intended to fund data center expansion, AI cloud growth, mining hardware development, and general corporate needs.
• Meanwhile, Bitdeer is expanding its self-mining capabilities as demand for external mining hardware wanes, reflecting a broader industry shift toward hybrid AI/HPC revenue streams.

Tickers mentioned: $BTC, $MARA

Price impact: Negative. Bitdeer’s plan to raise convertible debt coincided with a sharp share decline, underscoring investor concern over liquidity and funding strategy.

Market context: The sector has been navigating tighter margins post-halving and a growing interest in hybrid models that blend Bitcoin production with AI and high-performance computing revenue streams. The move toward self-mining and AI services mirrors a broader trend as miners reassess balance sheets and diversify revenue sources.

Why it matters

The decision to liquidate the corporate Bitcoin treasury signals a potential pivot in Bitdeer’s capital strategy. By converting a portion of mined proceeds into cash, the company may be prioritizing liquidity to support ongoing operations and debt servicing, even as it seeks to scale data center infrastructure and AI-focused offerings. This shift underscores the tension between treasury exposure to Bitcoin’s price volatility and the need for predictable funding for growth initiatives in a capital-intensive industry.

Concurrently, the $300 million convertible debt offering marks a high-profile move to raise capital that could be immediately deployed to expand Bitdeer’s data center footprint and advance AI cloud capabilities. The convertible feature adds a layer of complexity for investors, as future equity dilution is possible if the notes are converted. The company has framed the financing as a tool to accelerate its expansion plans and hardware development while maintaining flexibility to adapt to market conditions.

Beyond Bitdeer, the mining landscape is undergoing a broader reorientation toward AI and computing services. MARA Holdings recently acquired a majority stake in Exaion, a French computing infrastructure firm, signaling a deeper foray into AI and cloud services. The deal positions the miner as a broader technology infrastructure provider, expanding its footprint beyond traditional hash power. This follows a wider industry pattern where several miners, faced with tighter margins, are pursuing hybrid models that leverage their energy and data-center assets to offer AI-enabled computing capacity.

Observers note that the industry is reconfiguring around demand for AI capacity and energy-efficient compute, rather than venerating hash price alone. Several peers are repurposing facilities for data-center use or pivoting toward AI infrastructure as a way to diversify revenue streams and hedge against mining cycles. The trend is underscored by moves within the ecosystem that include CoreWeave’s established shift toward AI infrastructure and other players repositioning assets to capture AI compute demand. For readers tracking this space, the evolving balance between traditional hashing revenue and AI-enabled services will likely define miners’ strategizing in 2024 and beyond.

The current environment remains nuanced: while Bitcoin mining remains a niche but essential component of the larger crypto economy, the capital-intensive demands of data centers and the strategic importance of AI capabilities push miners to blend their hardware with software services. This dual approach can help stabilize cash flows amid volatility in digital asset prices, energy costs, and regulatory considerations, while offering new avenues for growth in an increasingly digital and compute-driven landscape.

What to watch next

• Bitdeer’s next weekly update to confirm whether the treasury remains at zero and to track any changes in production or sales pace.
• Progress and timing of the $300 million convertible debt offering, including potential expansion and terms of conversion.
• Updates on Bitdeer’s data center expansion plans and the development of AI cloud initiatives tied to mining operations.
• Industry moves by peers, particularly MARA Holdings’ integration of Exaion and how AI/hpc ventures influence miner profitability across the sector.
• Regulatory or energy-cost developments that could impact mining economics and the viability of hybrid business models combining Bitcoin production with AI infrastructure.

Sources & verification

• Bitdeer weekly operational update showing 0 BTC in pure holdings and the 189.8 BTC produced and sold, plus 943.1 BTC liquidated from treasury — https://x.com/BitdeerOfficial/status/2025136775266550191
• Bitdeer Feb. 13 update indicating 943.1 BTC treasury the week prior and 179.9 BTC sold out of 183.4 BTC mined — https://x.com/BitdeerOfficial/status/2022530485876896182
• Cointelegraph report on Bitdeer’s convertible debt offering of $300 million with potential expansion to $345 million — https://cointelegraph.com/news/bitdeer-stock-drops-17-after-convertible-senior-note-offering
• MARA Holdings’ majority stake in Exaion article detailing the AI/data-center expansion angle — https://cointelegraph.com/news/mara-majority-stake-exaion-ai-data-centers-bitcoin-miner
• Related industry shifts toward AI infrastructure in crypto mining, including CoreWeave’s pivot — https://cointelegraph.com/news/crypto-mining-ai-data-centers-coreweave-infrastructure-shift

Bitdeer pivots from treasury to expansion amid AI pivot

Bitcoin (CRYPTO: BTC) has become the focal point of Bitdeer’s latest strategic recalibration, as the company logs a full liquidation of its corporate Bitcoin treasury even as it grows commitments to data centers and AI-enabled compute. In its most recent weekly update, Bitdeer disclosed that its pure holdings, excluding client deposits, dropped to zero BTC. The report shows 189.8 BTC mined during the period, all of which were sold, in addition to 943.1 BTC drained from the treasury reserves. This marks a clear departure from prior reporting where the treasury still contained BTC, albeit with ongoing sales tied to operating costs.

The prior update, issued on Feb. 13, had the treasury at 943.1 BTC, with 179.9 BTC sold from 183.4 BTC mined that week, leaving treasury holdings unchanged after the sale. The shift from treasury exposure to a cash-focused approach is a notable pivot for a company that, like many in the sector, has balanced the need for liquidity with the opportunistic exposure to Bitcoin’s price action. In context, mining firms frequently sell a portion of production to cover electricity and equipment costs, yet fully liquidating a treasury position is less typical and can indicate a more aggressive capital deployment strategy.

Meanwhile, Bitdeer disclosed plans to raise $300 million through a convertible senior note offering, with an option to expand the sale by an additional $45 million. The notes, due in 2032, can be converted into stock, cash or a combination of both. The financing is earmarked to accelerate data center expansion, fuel AI cloud growth, support mining-hardware development, and fulfill general corporate needs. The market reacted to the financing news with a notable drop in Bitdeer’s shares, underscoring investor concerns about debt dilution and the company’s ability to deploy proceeds effectively in a competitive landscape.

Beyond Bitdeer, the broader mining industry is undergoing a reorientation toward AI and high-performance computing. MARA Holdings—another prominent name in the space—announced a majority stake in Exaion, a French computing infrastructure firm, signaling a deeper plunge into AI and cloud services. The deal highlights a strategic shift from pure hash-rate generation to hybrid business lines that leverage existing energy and data-center assets for AI compute capacity. It reflects a broader trend in which miners, faced with the realities of halved block rewards and tighter margins, pursue diversified revenue streams to sustain growth.

Industry coverage also notes that other miners are repurposing facilities and energy infrastructure for data-center use, while some players have fully pivoted to AI infrastructure providers. The exchange between crypto mining and AI data services is increasingly viewed as a way to reconcile revenue volatility with an expanding demand for AI compute capacity. The long‑term outlook for miners may hinge on whether these hybrid models can deliver consistent cash flows, especially as regulatory pressures and energy costs continue to shape the economics of the sector.