Bitdeer, one of the giant names in the Bitcoin mining industry, created a great turmoil in the markets with its decision to convert all its cryptocurrencies into cash. This radical move, announced by the company as of February 2026, brought about a sharp decline in share prices and also revealed the difficulties in the mining economy. Investors question Bitdeer’s future among new technology-focused strategies and debt restructuring processes.
Liquidation of Bitcoin Reserves and Market Reaction
Bitdeer (BTDR) shares started the week with losses after the company announced that it sold all Bitcoin (BTC) assets in its treasury. The downward trend, which started with the closing of the markets on Friday, continued with a meltdown approaching 3% in the weekend transactions and night hours in the futures markets. The mining company not only sold the 189.8 BTC it had recently produced, but also disposed of its entire remaining reserve of 943.1 BTC.
The company’s strategic change comes at the same time that mining difficulty on the Bitcoin network increased by 14.7% in the last adjustment. Increasing costs and difficult network conditions caused Bitdeer’s fourth quarter gross profit margin to decline to 4.7%. The fact that the company, which had approximately 2,000 BTC reserves at the end of 2025, rapidly melted this amount and reduced it to zero by mid-February proves how deep the profitability pressure in the sector has become.
Despite the negative pricing in the stock markets, Bitdeer management has not yet clarified whether this “zero BTC” position is a permanent treasury strategy or a temporary cash need. The company’s ongoing capital increase efforts are seen as the main motivation behind this liquidity operation.
Artificial Intelligence Transformation and Debt Restructuring Move
The shrinking revenues from Bitcoin mining have pushed Bitdeer to change course into artificial intelligence and high-performance computing. The company announced plans to sell $325 million of convertible senior notes, which is expected to be completed on February 24, 2026. This sale is expected to reach $375 million, with an additional $50 million option granted to initial buyers.
$138.2 million of the fund to be obtained will be used to buy back existing debts with a maturity of 2029 and extend the financial runway. Aiming to extend its operational life thanks to debt restructuring, the company is on the verge of a technological transformation by channeling the resources it obtains from mining into artificial intelligence investments. A similar move was made by XRP treasure Evernorth last month, and the company established new partnerships for asset management with artificial intelligence automation.
Industry analysts consider this initiative by Bitdeer not only as a financial rescue operation, but also as an escape from volatile crypto markets to more stable technology areas. With the conclusion of the bond sale, it will become clear in the last days of February whether the company’s new strategy will reduce the pressure on the market.
