Bitdeer Technologies Group sold all 943.1 BTC from its corporate reserves during the most recent reporting period, according to the company’s operational update. Pure holdings, which exclude customer deposits, now stand at 0 BTC.

The Singapore-based miner generated 189.8 BTC through its operations and immediately sold the full amount. That left no new additions to the treasury. Just two weeks earlier, on Feb. 13, Bitdeer held 943.1 BTC after offloading 179.9 out of 183.4 BTC mined that week.

Publicly listed miners often sell portions of fresh output to pay for electricity, hosting fees and hardware. They typically hold the rest for potential price appreciation. Bitdeer’s full liquidation bucks that pattern.

The sales coincide with Bitdeer’s push to raise $300 million through convertible senior notes due in 2032, with an option for an extra $45 million. Investors can convert the notes into shares, cash or a combination. Shares dropped sharply after the Feb. 13 announcement. The structure delivers quick cash but risks diluting equity if conversions occur.

Bitdeer plans to channel proceeds into data center expansions, AI cloud services, mining hardware and general needs, the company stated. This focus signals a shift away from Bitcoin as a balance-sheet asset toward infrastructure growth.

Founded by Jihan Wu, ex-co-founder of Bitmain, Bitdeer has ramped up self-mining as demand for its rigs cools. The firm deploys its own equipment to produce Bitcoin directly rather than depending solely on hardware sales.

Bitdeer also pours resources into data centers and AI capabilities. The April 2024 Bitcoin halving cut block rewards in half, squeezing margins firm-wide and spurring such pivots. Hashprice swings and rising mining difficulty add pressure.

Other miners chase similar paths. MARA Holdings snapped up a 64% stake in France’s Exaion, a computing infrastructure provider, leaving EDF as a minority owner and client. HIVE Digital Technologies, Hut 8, TeraWulf and Iris Energy repurpose sites for data centers and high-performance computing. CoreWeave ditched mining entirely for AI infrastructure.

Bitdeer’s zero-BTC stance sets it apart. The company now runs with scant exposure to Bitcoin’s volatility. Management bets on diversified computing revenue to weather industry turbulence.

Energy costs remain a drag post-halving. Miners seek steadier income from AI and cloud deals to offset Bitcoin production’s ups and downs.