Bitdeer Technologies Group exited its entire Bitcoin treasury, saying it sold all remaining BTC to accelerate a pivot into AI and high-performance computing data centers and to monetize its 3.0 GW power portfolio. The company positioned the decision as a liquidity-driven reallocation from price-sensitive mining exposure toward infrastructure-led, contract-style revenue.
Management framed the move as a clean break from holding Bitcoin on the balance sheet, using proceeds to fund land purchases, manage debt, and finance a faster build-out of AI capacity. By eliminating BTC reserves outright, Bitdeer is prioritizing predictable cash-flow potential per kilowatt over treasury volatility tied to Bitcoin cycles.
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 pic.twitter.com/vtvBVEui0Q— Bitdeer (@BitdeerOfficial) February 21, 2026
Treasury liquidation and financing package
Bitdeer disclosed total sales of 1,132.9 BTC, made up of 943.1 BTC from reserves and 189.8 BTC from recent mining output, and paired the liquidation with two financings to fund the pivot. The funding stack combined a $325.0 million convertible senior notes offering with a $43.7 million registered direct share sale to create roughly $358.8 million of targeted capital for AI/HPC and balance-sheet work.
The convertible notes carried a 5.00% annual coupon and were reported to generate net proceeds of about $315.1 million, with an upsize option that could lift the total to $363.7 million. In parallel, the equity raise consisted of 5,503,030 Class A shares priced at $7.94, providing an additional $43.7 million of proceeds alongside the debt capital.
Bitdeer said part of the notes proceeds would be used to repurchase $138.2 million of its existing 2029 convertible notes and to cover $29.2 million of capped-call costs, reducing legacy financing overhang during the shift. The company described these steps as balance-sheet housekeeping designed to improve flexibility while it redirects capital into long-lived data-center assets.
Operational targets and execution risk
Strategically, Bitdeer characterized the pivot as an “infrastructure-first” approach, with management arguing AI cloud services and HPC can generate consistent cash flow regardless of cryptocurrency price swings. The underlying thesis is that contracted compute demand can produce higher revenue per kilowatt than spot mining, provided the company executes on capacity delivery and commercialization.
The company is targeting more than 200 MW of dedicated AI IT load by the end of 2026, a material shift in facility requirements versus ASIC mining. Bitdeer’s plan implies higher energy intensity and different cooling and power-distribution needs, making build speed, reliability, and permitting execution core operational KPIs.
Markets reacted immediately, with Bitdeer’s stock falling by as much as 18% as investors weighed dilution and incremental leverage against the longer-term infrastructure narrative. That price response signals the market is demanding proof of delivery, including timely land acquisition, data-center construction, and durable contracts tied to the 3.0 GW power footprint.
For miners and energy operators, the move reinforces a broader industry pattern of converting power portfolios into contracted compute, while for investors and compliance teams it shifts risk from liquid crypto holdings to infrastructure and financing covenants. The next checkpoint will be whether Bitdeer can deploy capital fast enough to hit the 200 MW target by year-end 2026 and secure power and customer agreements that preserve margins as AI demand scales.