In a strategic shift to AI data centers, Bitdeer Technologies Group offloaded its entire bitcoin stash

Singapore-based Bitdeer Technologies Group has sold all of its bitcoin holdings to bolster liquidity for expansion, underscoring a broader capital reallocation trend among miners pivoting toward AI infrastructure.

The company, which operates across bitcoin mining and AI data services, reported zero BTC on its balance sheet as of Feb. 20, excluding customer deposits. In its latest weekly update, Bitdeer disclosed production of 189.8 BTC — all of which was sold. The move marks a departure from the treasury-hoarding strategy popularized by firms such as Strategy, which treat bitcoin as a long-term balance sheet reserve.

In a post on X, Bitdeer said the liquidation should not be interpreted as a negative signal for the broader market. The company noted it is evaluating multiple powered land acquisition opportunities and considers it prudent to build liquidity while continuing to expand hash rate and mine bitcoin for shareholders.

Operationally, the miner continues to post strong growth. Bitdeer mined 668 BTC in January, up 430% year over year, and increased its self-mining hash rate to 63.2 exahashes per second (EH/s). Its total proprietary hash rate reached 65.1 EH/s.

At the same time, Bitdeer is accelerating its shift into AI infrastructure. The firm is deploying NVIDIA GB200 NVL72 systems in Malaysia and converting several facilities in the U.S. and Europe from crypto mining operations into AI-focused data centers. Compared with incremental mining expansions, AI buildouts require significantly more capital, including large-scale GPU clusters and major data center upgrades.

To support that transition, Bitdeer recently priced a $325 million convertible notes offering alongside a $43.5 million equity raise. Proceeds will fund data center expansion, high-performance computing (HPC) and AI cloud initiatives, as well as ASIC development.

The pivot reflects a structural shift across the mining industry. Unlike bitcoin mining — which is heavily influenced by price volatility and halving cycles — AI and HPC contracts can generate steadier, more predictable revenue streams. Miners are increasingly seeking to reposition themselves as digital infrastructure and AI operators rather than leveraged proxies for bitcoin’s price.

Several peers are pursuing similar strategies. Riot Platforms recently sold $200 million worth of bitcoin to support operations and AI expansion. Bitfarms has deemphasized its “bitcoin company” branding while expanding AI operations in the U.S. Meanwhile, MARA Holdings is moving deeper into HPC and AI through a planned 64% stake in France-based Exaion.

Bitdeer shares were down about 1% in pre-market trading, changing hands at $7.70.