Bitdeer Sells Bitcoin Treasury for AI Pivot

- The sale involved Bitdeer's remaining 943.1 BTC reserves plus 189.8 BTC from recent mining operations, taking its corporate Bitcoin holdings to zero, excluding customer funds. This move represents a significant strategic shift away from the "HODL" (hold on for dear life) approach favored by competitors like MARA Holdings. - A portion of the new capital, approximately $138.2 million, will be used to repurchase existing convertible debt due in 2029, with the remainder funding the AI and High-Performance Computing (HPC) expansion. - Bitdeer is pursuing a dual-track AI strategy, offering both colocation services with long-term (10-20 year) contracts and a more capital-intensive GPU-as-a-service model. The company is already converting mining facilities in Norway, Washington, and Tennessee for AI use, with a target completion by the end of 2026. - Despite the pivot, Bitdeer remains the largest public Bitcoin miner by hashrate, reaching 63.2 EH/s in January 2026, surpassing competitor MARA Holdings. The company's Q4 2025 revenue grew 226% year-over-year to $224.8 million, primarily from its self-mining operations. - This strategic shift reflects a broader industry trend where miners leverage their primary asset—large-scale energy infrastructure—to serve the power-intensive AI sector. Analysts note that hosting AI workloads can generate two to three times more revenue per megawatt than mining Bitcoin. - Other major miners making similar moves include Core Scientific, which signed contracts with AI firm CoreWeave worth a potential $10.2 billion over 12 years. Hut 8 and Iris Energy are also developing AI data centers to secure more predictable, long-term revenue streams than volatile crypto markets provide.