The mining firm Bitdeer urged investors not to fret over its sale of all bitcoins, saying it is raising cash to buy new powered sites.
Our decision to sell Bitcoin should not be a concern for the broader market. We are currently evaluating multiple non-binding powered land acquisition opportunities, and we believe it is prudent to prepare liquidity now. Our hash rate will continue to grow, and we will continue…
— Bitdeer (@BitdeerOfficial) February 23, 2026
“We are currently evaluating several non-binding proposals to acquire powered land and believe it is prudent to prepare liquidity. Our hash rate will continue to grow, and we intend to mine more bitcoins in the interests of shareholders,” the company said.
Bitdeer surpassed the previous leader by capacity — MARA Holdings (63.2 EH/s at present). That makes Jihan Wu’s firm the largest public miner by hash rate.
In February the firm, in a weekly report, reported selling all mined and held coins — about 943.1 BTC (~$62m at the time of writing). Of that, 189.9 BTC were mined over the prior seven days.
“The current value of 0 does not mean it will always be so,” — noted Wu.
Miner capitulation (selling bitcoin reserves) is seen by some market participants as a factor marking a bottom. Historically, BTC has only briefly lingered below the “pain point” — the price at which mining the first cryptocurrency is unprofitable. During such periods, companies sell coins to sustain operations.
Miners’ revenue has fallen markedly since October 2025: from $1.59bn then to $1.12bn in January.
A share-price slump is an opportunity
Bitdeer’s shares have fallen 46% over the past month.
Tether took advantage. Entities linked to the USDT issuer made a new series of securities purchases worth $42m, lifting their stake above 20%.
Tether’s investment arm holds 38.3m Class A shares. Late last year the company moved in the opposite direction — starting in September it reduced its stake in Bitdeer amid rising prices, selling about 7.7m BTDR at an average price of $21.6 and raising $166m.
A bet on AI
Alongside boosting hash rate, Bitdeer is accelerating a shift to AI infrastructure — deploying NVIDIA GB200 NVL72 systems in Malaysia and repurposing several sites in the US and Europe from cryptocurrency mining to AI data centres.
Building this line of business requires far greater capital outlays than incremental mining expansion, as it involves large GPU clusters and data centre upgrades.
In February Bitdeer issued $325m in convertible notes and raised $43.5m via an equity offering to fund data-centre expansion, HPC build-out and cloud AI solutions.
Rivals are moving in a similar direction. Riot Platform recently sold bitcoins to finance operations and expand into artificial intelligence. Bitfarms is moving away from the “bitcoin company” image and sharpening its AI focus in the US.
MARA is also expanding in HPC and LLM.
On February 19, after the latest recalculation, Bitcoin’s mining difficulty increased by 14.73% to 144.4 T.