According to the company’s latest operational update, Bitcoin mining company Bitdeer has sold all of its corporate Bitcoin holdings, reducing its treasury balance to zero.
In its latest weekly report, Bitdeer revealed that its “clean holdings”, excluding customer deposits, have dropped to 0 Bitcoin (BTC). The report shows that during this period, the company produced 189.8 BTC and sold the full amount along with an additional 943.1 BTC that was liquidated from existing treasury reserves.
In his earlier one update On February 13, the miner still held 943.1 BTC, having sold 179.9 BTC of the 183.4 BTC mined that week, leaving its vault untouched despite routine sales of newly mined coins.
Mining companies typically sell part of their production to fund electricity, hosting and hardware costs, but they also maintain a treasury balance to maintain exposure to Bitcoin price increases. Less typical is the complete liquidation of reserves.
Cointelegraph reached out to Bitdeer for comment but did not receive a response via publication.
Related: Bitcoin mining difficulty increases by 15% as US miners recover from winter shutdowns
Bitdeer announces $300 million convertible debt raise
Bitdeer shares fell sharply on Thursday after the company announced plans to raise $300 million in an offering of convertible senior notes with an option to expand the sale by an additional $45 million. The bonds, which mature in 2032, can later be converted into company stock, cash or a combination of both.
The company, founded by former Bitmain co-founder Jihan Wu, said the funds would support data center expansion, AI cloud development, mining hardware development and general corporate needs.
Bitdeer is also expanding its self-mining business as demand for mining equipment wanes, increasingly using its own Bitcoin mining rigs rather than selling them to customers.
Related: Bitcoin miners are chasing 30 GW of AI power to offset hash price pressure
Bitcoin miners are switching to artificial intelligence
MARA Holdings on Friday bought a majority stake in French computing infrastructure company Exaion, moving deeper into artificial intelligence and cloud services. The deal gives MARA France a 64% stake, while energy company EDF remains a minority shareholder and customer.
The deal comes amid broader changes in the mining industry. Following the halving and lower margins in 2024, several miners have adopted a hybrid model that combines Bitcoin production with artificial intelligence and high-performance computing revenues.
Companies such as HIVE, Hut 8, TeraWulf and IREN are repurposing facilities and energy infrastructure for data centers, while companies such as CoreWeave have fully transitioned to AI infrastructure providers.
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