Singapore-based bitcoin miner Bitdeer has sold all of its bitcoin holdings. The company confirmed that as of February 20, it holds “zero bitcoin,” not counting customer deposits. This is a major shift because many mining companies usually keep some of the bitcoin they mine as savings.

In its latest weekly update, Bitdeer said it mined 189.8 BTC and sold all of it. It also sold another 943.1 BTC from its reserves. That brought its total corporate bitcoin holdings down to zero. The company reported a net BTC change of negative 943.1 BTC for the period.

This sale did not happen all at once. At the end of December, Bitdeer held about 2,017 BTC. Since then, it has been selling more bitcoin than it mined. For example, in January, the company mined 668 BTC but sold about 1,155 BTC. Week by week, its reserves went down until there was nothing left.

One big reason for this move is that mining has become less profitable. Recently, Bitcoin network difficulty jumped 14.7%, the biggest increase since 2021. At the same time, mining profitability dropped to under $30 per petahash per day. That is a historic low, meaning miners’ incomes are at record lows for a computational work that has never been harder in its history.

There had been a short break in pressure earlier in the year. Winter storms in the United States temporarily shut down some mining operations, which reduced competition. But once those miners came back online, the network quickly recovered. Difficulty rose again, and the small relief miners enjoyed disappeared.

To deal with financial pressure, Bitdeer is raising new funds. The company announced a $325 million private offering of convertible senior notes due in 2032. It also raised $43.7 million through a registered share sale. These moves are meant to strengthen its balance sheet and give it more cash to operate.

Part of the money will be used to buy back older debt that is due in 2029. This helps the company push back repayment deadlines and manage interest costs. Some of the funds will also go toward capped call transactions, which are designed to reduce possible dilution for existing shareholders if the stock price rises.

Bitdeer is not just trying to survive, it is also changing direction. The company said it plans to use new capital to expand its data centers, grow its artificial intelligence (AI) cloud services, develop its own ASIC mining machines, and invest in high-performance computing (HPC).

In simple terms, it wants to rely less on holding bitcoin and more on running large computing businesses.

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Even though Bitdeer has sold all its bitcoin, it is still expanding its mining operations. By early 2026, its self-managed hashrate had climbed above 63 exahashes per second (EH/s). This makes it the publicly traded miner with the largest self-managed hashrate, surpassing Marathon Digital.

The company explained that self-managed capacity does not include mining machines owned by customers or hosted for third parties, and instead refers only to infrastructure that Bitdeer directly owns and operates.

Investors reacted carefully to the news. Bitdeer’s shares fell about 2% after the announcement and have dropped more than 22% over the past week. Over the last year, the stock has fallen more than 40%. Some investors are concerned about dilution from the new convertible debt and share sale.