Bitdeer (BTDR) a Singapore-based bitcoin mining and AI infrastructure firm has decreased its bitcoin treasury stash to zero, marking a pointy break from the miner playbook of hoarding cash as a sign of conviction seen by the likes of Technique (MSTR).
The corporate reported BTC holdings of zero as of Feb. 20, excluding buyer deposits. It produced 189.8 BTC on their weekly replace and bought the whole quantity. As an alternative of positioning bitcoin as a steadiness sheet reserve, Bitdeer is popping manufacturing into liquidity.
Bitdeer stated the choice to promote bitcoin mustn’t concern the broader market, in a put up on X, noting it’s evaluating a number of powered land acquisition alternatives and believes it’s prudent to organize liquidity now, whereas persevering with to develop hash fee and mine extra bitcoin for shareholders.
Operationally, progress stays intact for the corporate. Bitdeer mined 668 bitcoin in January, up 430% 12 months over 12 months, and elevated its self mining hash fee to 63.2 EH per second (EH/s), with whole proprietary hash fee reaching 65.1 EH/s.
Bitdeer is accelerating its push into AI infrastructure, rolling out NVIDIA GB200 NVL72 techniques in Malaysia and advancing conversions of a number of websites within the U.S. and Europe from crypto mining to AI knowledge facilities.
AI growth is much extra capital intensive than incremental mining buildouts, requiring giant scale GPU clusters and knowledge middle upgrades.
Bitdeer not too long ago priced a $325 million convertible notes providing and a $43.5 million fairness increase to fund datacenter growth, HPC and AI cloud progress, and ASIC improvement.
In contrast to bitcoin mining, which is tied to cost cycles and halvings, AI and HPC contracts can provide extra predictable income streams. The pivot additionally represents an try by miners to be valued much less as leveraged bitcoin proxies and extra as digital infrastructure and AI performs.
Friends are transferring in the identical path. Riot Platforms (RIOT) not too long ago bought $200 million value of bitcoin to fund operations and AI growth. Whereas Bitfarms (BITF) are dropping its “bitcoin firm” id and doubled down on AI within the U.S. MARA Holdings (MARA) can also be increasing into HPC and AI via a deliberate 64% stake in France primarily based Exaion.
Bitdeer shares are down 1% in pre-market, buying and selling at $7.70 per share.
