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Bitdeer, the Nasdaq-listed Bitcoin mining company, reported zero pure BTC holdings as of February 20, 2026, after selling 189.8 BTC in a single week and liquidating its entire remaining reserve of 943.1 BTC. The move represented a decisive drawdown of treasury Bitcoin, though later reporting indicated the balance was not permanent.
In its weekly BTC update published February 21, 2026, Bitdeer said its “pure” holdings—excluding customer deposits—fell to 0 BTC as of February 20. The same update reported BTC output of 189.8 BTC for the week and BTC sold of 189.8 BTC, indicating the company sold all BTC it mined during the period.
While the sale of newly mined coins accounted for the 189.8 BTC sold, the larger change came from the pre-existing reserve. The weekly update showed net BTC added of -943.1 BTC, meaning Bitdeer liquidated its entire remaining reserve in addition to selling its weekly production.
One week earlier, Bitdeer’s February 14 weekly update (covering data through February 13) showed 943.1 BTC in pure holdings, 183.4 BTC of output, and 179.9 BTC sold. Between the two snapshots, Bitdeer moved from holding nearly a thousand Bitcoin to holding none.
Bitcoin miners routinely sell mined BTC to fund operating costs. However, the complete liquidation of treasury reserves suggested an active decision to convert the company’s Bitcoin position to fiat, at least temporarily.
Bitdeer’s representative Ross Gann described the sales as a liquidity move, saying the company was “strategically prioritizing our liquidity in view of these opportunities,” including potential acquisitions of powered land, according to Cointelegraph’s reporting. Bitdeer characterized the action as tactical rather than a retreat from mining.
The timing aligned with Bitdeer’s broader capital plan. On February 19, 2026, the company announced a proposed private placement of US$300.0 million in convertible senior notes due 2032. The company said proceeds would be used for data-center expansion, HPC/AI cloud growth, mining hardware development, and working capital.
Liquidating its BTC reserve while raising debt capital pointed to an aggressive growth posture, with the company emphasizing infrastructure and computing-related expansion rather than maintaining a large treasury Bitcoin balance.
A key nuance emerged in Bitdeer’s official February 2026 production and operations update, published March 16. That update reported Bitdeer held 51 BTC at February 28, the month-end close.
This indicated the zero-BTC figure was a mid-month snapshot rather than a lasting state. Bitdeer resumed accumulating Bitcoin in the final eight days of February, rebuilding a smaller position from continued mining output.
Initial coverage of the zero-holdings episode did not flag the distinction between the February 20 weekly snapshot and the February 28 month-end figure, which changes the interpretation from “exited Bitcoin” to “temporarily emptied reserves for liquidity purposes.”
Bitdeer publishes weekly BTC updates on X, providing near-real-time visibility into holdings, output, and sales. The immediate question is whether the company continues selling 100% of mined BTC or rebuilds a larger reserve beyond the 51 BTC reported at month-end.
Separately, if the proposed convertible note placement is completed, investors will look for announcements related to powered-land acquisitions or data-center buildouts that would support the stated liquidity-and-expansion narrative. Future monthly operations updates from Bitdeer’s investor relations page will also show whether the February 28 figure of 51 BTC was a floor or a waypoint.
Bitdeer’s verified weekly update reported 189.8 BTC sold for the week ending February 20, 2026. The net change in holdings was -943.1 BTC, reflecting the sale of both new production and the entire pre-existing reserve.
As of February 20, 2026, Bitdeer reported zero pure BTC holdings. By February 28, the company had rebuilt a position of 51 BTC, according to its official monthly operations update.
The zero-holdings figure was disclosed in Bitdeer’s weekly BTC update published February 21, 2026, covering data through February 20.
Bitdeer’s representative Ross Gann said the company was strategically prioritizing liquidity to pursue opportunities including acquisitions of powered land. The sale coincided with a proposed US$300 million convertible note offering intended to fund infrastructure expansion.
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