Amidst the ongoing cryptocurrency market turmoil, cloud mining platform Bitdeer (NASDAQ: BTDR) made a radical decision to sell all of its remaining Bitcoin (BTC), effectively reducing its treasury to zero.
In total, the company sold its remaining 943.1 BTC reserves and the 189.8 BTC it had produced during its most recent week of operations.
The firm, however, clarified the sale did not affect user holdings and, in an X post made in the early morning of February 23, emphasized the move ‘should not be a concern for the broader market.’
Why did Bitdeer dump all of its BTC
Within the February 23 X post, Bitdeer explained the total Bitcoin sale as part of its effort to raise capital for the ‘non-binding powered land acquisition opportunities’ and constitutes a ‘prudent’ effort to raise liquidity in advance.
The Singapore-based platform is also conducting an offering of 5.5 million Class A ordinary shares to fund further expansion of its business, per a February 20 news release.
Bitdeer is among the Bitcoin mining companies that are undergoing a transition into becoming a major artificial intelligence (AI) infrastructure provider.
At press time, Coreweave (NASDAQ: CRWV) is the most high-profile former BTC company that has pivoted to being an AI data center and has been at the center of attention for the ongoing ‘bubble’ debate due to the substantial backing it had received from Nvidia (NASDAQ: NVDA).
Bitdeer stock slid 2.02% in the most recent regular market session and is 32.64% down overall since 2026 started at its press time price of $7.78.
Bitdeer pivots from Bitcoin as BTC crashes 47% in under 6 months
The cloud mining and AI infrastructure platform’s decision to reduce its Bitcoin treasury came at a time of significant downward volatility for the cryptocurrency market. BTC is itself down approximately 47% from its October 2025 all-time highs (ATH) above $125,000.
Bitcoin also suddenly dropped below $65,000 in the night between February 22 and 23, though it had partially recovered by press time on Monday, as it is changing hands at $66,323.
Interestingly, Bitdeers’ pivot to AI comes as the sector is itself under increased scrutiny over exorbitant infrastructure expenditure, and figures apparently showing a lack of significant benefits of adoption and a persistent lack of a convincing roadmap to profitability.
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