Miner Winter! BitDeer Liquidates Bitcoin Assets, Wu Jihan: It Doesn't Mean It'll Always Be Zero in the Future

Publicly listed mining company Bitdeer completes an eight-week plan, fully liquidating approximately 2,000 Bitcoin reserves. CEO Wu Jihan emphasizes that this is not a permanent shift. The company is actively expanding computing power and fundraising to develop AI cloud infrastructure, drawing significant market attention.

Bitdeer clears Bitcoin assets, completes reduction plan

In its weekly production report on February 20, the US-listed cryptocurrency mining company Bitdeer revealed that its Bitcoin holdings have dropped to zero, achieving an eight-week asset reduction plan.

At the end of last year, Bitdeer held about 2,000 Bitcoin. During the final week of liquidation, Bitdeer sold the 189.8 Bitcoin mined that week, and fully liquidated the remaining 943.1 Bitcoin reserves.

Image source: Bitdeer Bitdeer clears Bitcoin assets, completes reduction plan

After the liquidation, Bitdeer is currently the only publicly listed mining company with the highest self-mined hash rate that does not hold any Bitcoin on its balance sheet. The company’s self-operated hash rate has reached 63.2 EH/s, surpassing Marathon Digital’s 60.7 EH/s.

Bitdeer faced challenges during factory expansion last year but avoided mining machine losses

During its aggressive infrastructure expansion, Bitdeer encountered an unexpected incident last year. In November 2025, a fire broke out at its mining facility under construction in Maysville, Ohio. Local fire authorities reported that two of the planned 24 buildings caught fire, but the flames were quickly extinguished after firefighters arrived.

The fire caused no casualties, and because the affected buildings were still under construction and had not yet installed mining equipment, no mining machines were damaged.

Bitdeer issued convertible bonds, causing a sharp drop in stock price

According to Bitcoin Magazine, Bitdeer announced last week its plan to privately issue $300 million in convertible bonds due in 2032. If underwriters exercise their options, the total fundraising could reach up to $345 million, raising concerns among investors about potential dilution of equity.

Following the announcement, Bitdeer’s stock price plummeted over 18% in pre-market trading, breaking below the $8 mark. Over the past six months, Bitdeer’s stock has declined more than 40% from its high.

Bitdeer stated that the funds are intended to finance data center expansion and promote high-performance computing and AI cloud infrastructure development. The company also announced a cap on call options to mitigate future dilution risks when bonds are converted into shares.

Now, with Bitdeer once again liquidating its Bitcoin reserves, investor attention is reignited. Chairman and CEO Wu Jihan publicly responded on social platform X, stating that holding zero Bitcoin now does not mean it will always be so, emphasizing this is not a permanent strategic shift.

Image source: X Wu Jihan responds to Bitdeer’s Bitcoin reserve liquidation

• Additional reading: Bitdeer and Bakkt stock prices plummet! Gemini’s after-hours stock hits record lows—what’s going on with their financial reports?

This content is compiled by Crypto Agent from various sources, reviewed and edited by Crypto City. It is still in training, so there may be logical biases or informational errors. The content is for reference only and should not be considered investment advice.