Mining company Bitdeer has urged the market not to worry about its decision to sell all its Bitcoin, explaining that the move is aimed at acquiring new properties.
"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 offers for purchasing land with connected electricity and believe it is wise to prepare liquidity. Our hash rate will continue to grow, and we intend to mine more Bitcoin in the interest of our shareholders," the company stated.
Bitdeer has surpassed the previous leader, MARA Holdings (currently at 63.2 EH/s), making Jihan Wu's firm the largest public miner by hash rate.
Top 10 miners by hash rate. Source: BitcoinMiningStock.
In February, the firm reported in its weekly update that it had sold all mined and held coins—approximately 943.1 BTC (~$62 million at the time of writing). Of this amount, Bitdeer mined 189.9 BTC in the past seven days.
"The current value of 0 does not mean it will always be this way," noted Wu.
Miner capitulation (the sale of Bitcoin reserves) is viewed by some market participants as a factor in reaching a bottom. Historically, BTC has briefly lingered below the "pain point"—the price at which mining the first cryptocurrency becomes unprofitable. During this period, companies sell coins to maintain operational activities.
Miner revenues have significantly declined since October 2025. At that time, the figure was $1.59 billion, but it dropped to $1.12 billion in January.
Monthly miner revenue. Source: Newhedge.
Stock Decline as an Opportunity
Bitdeer’s stock has fallen by 46% over the past month.
Bitdeer stock price. Source: Yahoo Finance.
This decline was seized upon by Tether. Entities associated with the USDT issuer made a new series of stock purchases totaling $42 million, increasing their stake in the company to over 20%.
Tether's investment division owns 38.3 million Class A shares. At the end of last year, the company was moving in the opposite direction—starting in September, it reduced its stake in Bitdeer amid rising prices, selling about 7.7 million BTDR at an average price of $21.6 and raising $166 million.
Betting on AI
In addition to increasing its hash rate, Bitdeer is accelerating its transition to AI infrastructure—launching NVIDIA GB200 NVL72 systems in Malaysia and repurposing several sites in the U.S. and Europe from cryptocurrency mining to data centers for artificial intelligence.
This sector's development requires significantly higher capital expenditures compared to gradual mining expansion, as it involves large GPU clusters and data center upgrades.
In February, Bitdeer issued convertible bonds worth $325 million and raised $43.5 million through a stock offering to fund data center expansion, HPC development, and cloud AI solutions.
Competitors are also moving in a similar direction. Riot Platform recently sold Bitcoin to finance operations and expand into artificial intelligence. Bitfarms is shifting away from its image as a "Bitcoin company" and increasing its focus on AI in the U.S.
MARA is also expanding its activities in HPC and LLM.
As a reminder, on February 19, following another recalculation, Bitcoin mining difficulty increased by 14.73% to 144.4 T.