Bitdeer, the largest Bitcoin mining company by hashrate, completely wiped its BTC ledger this week.
The company’s Bitcoin treasury currently shows 0 BTC as the company sold 189.8 BTC of its newly mined funds and withdrew 943.1 BTC from its reserves.
Mining operations typically have Bitcoin-like pressure in their pipes, with some flowing out as revenue and some remaining in the treasury as a store of value/buffer. Buffers indicate how management thinks about the next bend in the line.
Bitdeer’s buffer suddenly reached zero, which raises questions. What does management need cash for, and what do they think will happen next quarter?
In mining, paper money comes in fiat currency, electricity, hosting, salaries, and parts, and coins come in Bitcoin, so every Treasury policy is a statement about timing, risk, and access to capital.
This week’s printout also has a second layer. Bitdeer’s balance sheet already shows visible Bitcoin inventory at year-end, with the company disclosing “Bitcoin held: 2,017” as of December 31, 2025.
The transition from a four-digit stash to weekly updates showing zero becomes a story about pace, monetization, governance, and mining as a shape-shifting business.
Taken together, the weekly updates show that some companies are opting for certainty, converting dwindling dollar value reserves into operating liquidity, and moving their risk profile closer to that of a utility than a hidden account. This is where the word “surrender” comes in to describe what happens when the margin gauge sits near the red line and the Treasury turns from strategy to fuel.
Using weekly numbers, Bitdeer sold a total of approximately 1,132.9 BTC, including 943.1 bits from reserves and 189.8 newly mined bits. Using the $60,000 to $70,000 range around the Bitcoin price shown on Bitdeer’s Mining Insights page, this represents roughly $68 million to $79 million in liquidity, which is significant enough within a miner’s cash cycle to indicate a change in attitude.
Financial items match financial calendar
The BTC sale will take place in parallel with Capital Markets Week, which appears to be a deliberate shuffle. Bitdeer announced increased pricing of its $325 million 5.00% convertible notes due 2032 and a registered direct offering price of $7.94 per share.
The intended use was for capped call transactions, the repurchase of $135 million of 2029 converters, and funding for data center expansion, HPC and AI, ASIC development, and working capital.
This stack shows where the money wants to go and what risks the company is willing to take in the process.
Converts and capped calls are financial plumbing. They aim to limit volatility, trade on the upside, gain runway, and keep the gears turning while the profit line breathes. Miners emptying BTC items in the same period of time as they raise and refinance are broadcasting that they prioritize managed funding channels and prioritize building capabilities to generate invoices, calculations, and contracts.
This framework fits into the broader 2026 narrative, where miners increasingly position themselves as the energy for computing business, with Bitcoin as one source of revenue and AI and HPC as another capital-intensive destination.
VanEck’s 2026 outlook argues that a mining pivot will create both opportunities and burdens, and expects consolidation to occur as balance sheets absorb the costs of growth.
The hash price sets the tempo and the forward curve sets the expected value
The economics of mining rarely go awry, and you drift, get cramped, or are forced to make small decisions that add up to one big decision. The sector’s margin measure is the hash price, or return per unit of hash, and recent measurements highlight why government bonds are so liquid.
Luxor’s latest hashrate index summary notes that the USD hash price is around $34.05 per PH per day, down about 4% from the previous week, and that the hash price is close to break-even for many miners, depending on cost and machine type.
Over the next six months, futures market prices will average around $28.73/day, a drop in expectations that will pull like gravity on all fiscal policy.
Difficulty is a second dial that moves the denominator. Things can change quickly if the rig goes offline due to weather, downtime, or curtailment.
Bitcoin fell with a record difficulty of 11.16% to 125.86T before posting a record spike to 144.40T in the last correction. The next adjustment is expected to be lowered in early March. This pattern looks like whiplash for operators who plan their capital expenditures and liquidity in weeks or months.
Bitdeer’s own dashboard reflects the same region, with Bitdeer listing the network hashrate as approximately 1,022 EH/s, the difficulty as approximately 144.4T, and showing a “daily revenue” of $0.0289 per terahash. Business owners must live within these numbers and choose where to absorb volatility: within the treasury, within the debt stack, or within the growth plan.
Surrender arrives as accounting and then as consolidation
When traders talk about capitulation, they think of a waterfall, a sudden flush that cleanses the books. Mining tends to yield in terms of ledger entries, loan terms, coin sales, reserve depletion, conversion price setting, stock issuance, and weaker operators are forced into mergers and closures.
Bitdeer’s week fits into a scenario where the Treasury liquidation acts as a funding bridge and converts BTC to cash to support broader ramp-up and debt reshaping. This includes funding for machinery, proceeds directed to capped calls, buybacks of existing convertibles, data centers, HPC and AI, ASIC development, and working capital. Businesses following this script use Bitcoin as inventory that can be converted into concrete, chips, and contracts.
The forward market price of Luxor’s hashrate index of approximately $28.73 per PH per day means continued pressure on margins, which tends to drive miners to one of three exits: sell BTC, sell stock, or sell business.
VanEck’s outlook puts 2026 in the context of consolidation and directly points to weaknesses in financing choices, a shift toward dilution, bond sales, and a divide between operators who can fund two tracks and those who can fund one: Bitcoin mining and AI computing.
That’s why Bitdia’s reserve sale could be the canary in the coal mine. This event serves as a case study and warning label. Miners can maintain exposure to Bitcoin through their operations while holding fewer coins, allowing them to reinvent themselves as an infrastructure that manages Bitcoin price risk elsewhere.
If this trade is repeated across the sector, it could reduce the pool of miners accumulating BTC on their balance sheets, making miner flows more sensitive to short-term profitability.
What we see from here
First is the sustainability of the policy. A one-week liquidation may become a timing choice, and a multi-month pattern becomes the new financial principle. The most useful signal is the next set of weekly updates containing the same “BTC holdings” line and a similar separation between corporate holdings and customer deposits.
Second is the cost of capital. Convert terms and equity terms indicate that a company is building runway, and when hash prices are compressed, that runway becomes a competitive weapon. In a stress regime, miners with lower money buy time, and miners with higher money sell coins, sell stocks, sell assets.
Third, the margin background. Luxor’s hashrate index has set hash prices near the break-even point for many operators, and the whipsaw difficulty indicates how quickly the denominator moves, and the network is still adjusting. Miners build on these moving floors and their vaults become shock absorbers.
The clearest reading this week is the procedure, miners are following incentives, and incentives flow through hash price, difficulty, and financing terms.
Bitdeer turned its reserves into cash and did so in one week, adjusting its capital stack and outlining spending priorities focused on data center, HPC, AI, and ASICs.
While the sector can absorb the financial liquidation of a single company, the sector must also consider mining patterns that treat Bitcoin as throughput and balance sheet exposure as a variable that adjusts according to the cost of keeping the lights on.
(Tag translation) Bitcoin
