Singapore-based Bitcoin miner Bitdeer sold all of its Bitcoin holdings, Yahoo Finance reports. The move comes as falling profitability pressures the company to restructure debt and accelerate its expansion into artificial intelligence.
On February 20, Bitdeer disclosed that it held no Bitcoin in its corporate treasury, excluding customer deposits. The company said it had sold its most recent production of 189.8 Bitcoin and recorded a net reduction of 943.1 Bitcoin, signalling a significant shift in strategy amid tightening margins.
Mining Profitability Under Pressure
After a brief respite earlier this year when winter storms in the United States disrupted domestic mining operations, the Bitcoin network rebounded sharply. Network difficulty rose 14.7% this week, the largest increase since May 2021, wiping out earlier operational relief for miners.
As a result, hashprice, a key measure of mining profitability, fell below $30 per petahash per day and now sits close to record lows. The decline has driven up production costs and intensified pressure across the sector.
$325 Mln Fundraising to Back AI Pivot
To manage the downturn, Bitdeer is turning to capital markets to finance a strategic shift. The company announced an expanded $325 mln private offering of convertible senior notes, due to close on February 24. Initial purchasers have the option to acquire a further $50 mln in notes.
Of the proceeds, $138.2 mln will be used to repurchase existing 5.25% convertible senior notes maturing in 2029, effectively restructuring debt and extending the company’s financial runway. A further $29.2 mln will fund capped call transactions designed to limit shareholder dilution if the share price rises.
The remaining funds will support Bitdeer’s push into high-performance computing and AI cloud services, alongside the development of proprietary ASIC mining equipment and expansion of data centre capacity.
Industry Milestone Amid Strategic Shift
Despite liquidating its treasury, Bitdeer recently became the largest publicly traded self-miner by hash rate. Its self-managed capacity reached 63.2 exahashes per second, overtaking Marathon Digital’s 60.4 EH/s.
The milestone underscores a paradox for the company: while strengthening its mining scale, it is simultaneously reducing direct exposure to Bitcoin as it pivots towards AI-driven growth.
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