Bitdeer Technologies Group emptied its Bitcoin vaults by selling all the coins on its books and bringing the company’s balance to zero.
The move follows weeks of steady selling and comes as the company seeks new capital to fund expansion plans outside of pure mining.
Bitdeer sells all Bitcoin holdings
According to the report, the company has offloaded both newly mined tokens and long-term reserves until February 2026. Approximately 189.8 BTC was sold in recent production, compared to approximately 943.1 BTC previously held on the balance sheet.
By the time the transaction was completed, there was no cryptocurrency left in the company’s custody. The decline accelerated after Bitdeer announced plans to raise more than $300 million through convertible notes, according to the report.
beet deer #BTC weekly updates
🔹 BTC holdings: 0 (net holdings, excluding customer deposits)
🔹 BTC production: 189.8 BTC
🔹 Sell BTC: 189.8 BTC
🔹 Net BTC added: -943.1 BTC
📅 Data as of February 20, 2026.#Bitcoin #BTC #Bitcoin Holdings #BitcoinCommunity #BTCMining $BTDR pic.twitter.com/vtvBVEui0Q— Bit Deer (@BitdeerOfficial) February 21, 2026
The stock market reacted quickly. Since going public, the stock has fallen about 15%, reflecting concerns about dilution and rising debt. Miners often sell a portion of their production to cover operating costs, but rarely liquidate their reserves completely. The differences have sparked debate among investors about what the decision means.
bitcoin price action
The price backdrop for Bitcoin itself was anything but calm. Alpha Coin has been choppy but steady around key macro headlines, maintaining a range from the mid-$67,000 to high $60,000 range in recent sessions.
BTC briefly rose above $68,000 due to profit-taking after heightened geopolitical tensions between the United States and Iran led to greater volatility in safe haven flows and risky assets. Traders remain cautious. Volatility is linked to geopolitical risk sentiment and traditional market movements.
At the same time, the US Supreme Court’s ruling striking down parts of US President Donald Trump’s tariff regime has sparked a modest rebound across risk assets, including Bitcoin.
The gains were short-lived. BTC rose after the SC ruling but later came under selling pressure as markets assessed the impact and Trump signaled new tariff options.
The overall pattern points to range-bound trading with macro headlines guiding near-term direction rather than strong breakouts.
Why the company chose to raise cash
According to the report, Bitdeer plans to put the new funds into data center expansion, AI-related services, and in-house ASIC development. Management appears to prefer liquidity rather than holding on to price fluctuations.
Some analysts argue this is a practical response to the stringent economics of mining, where margins are strained by power costs and equipment upgrades.
Others see the overall sale as a bold move away from the “hold and wait” model adopted by certain competitors.
The company has not declared a permanent withdrawal from Bitcoin holdings in the future, but for now, its balance sheet is empty of producing assets.
Featured image from Unsplash, chart from TradingView
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