Bitdeer Technologies Group reported zero Bitcoin (BTC) holdings as of Feb. 20, 2026, having sold all 189.8 BTC it mined during the week - and its entire remaining 943.1 BTC reserve.
The liquidation completed an eight-week drawdown from approximately 2,000 BTC held at the end of December 2025.
The zero-holdings disclosure came one day after Bitdeer announced a $300 million convertible note offering and a direct equity sale, moves that sent its stock down 17% to a 10-month low on Feb. 19.
The Drawdown Timeline
Bitdeer's BTC treasury declined steadily across Q1 2026: from roughly 2,000 BTC in late December, to 1,900.9 BTC in early January, to 1,530 BTC by month-end - a 24% single-month drop.
Holdings fell below 1,000 BTC by Feb. 14, reaching 943.1 BTC, then zeroed out entirely within the following week.
The company now sells every Bitcoin it mines on a same-week basis, an approach that diverges from the treasury accumulation strategies employed by peers like MARA Holdings, which holds approximately 53,000 BTC, and Riot Platforms, which holds around 18,000 BTC.
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Why It Matters
Bitdeer has been redirecting capital toward proprietary ASIC chip development - the SEALMINER series - and AI data center infrastructure. Bitcoin holdings dropped 24% in January alone, which analysts at Panabee attributed to capital expenditures that operational cash flow could not cover independently.
The $300 million convertible note offering, due 2032 with a $45 million greenshoe option, alongside a direct Class A share sale, form the financing structure now funding that pivot.
Bitdeer is also facing a class action lawsuit in the Southern District of New York alleging misleading disclosures about SEAL04 chip performance and timeline, after the company acknowledged in November 2025 the chip was "significantly delayed" and missing efficiency targets.
The simultaneous liquidation of BTC reserves, issuance of convertible debt, and equity dilution place Bitdeer on a capital-intensive trajectory where the chip and AI business must generate returns to offset the foregone upside of its former Bitcoin treasury.
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