Bitdeer Clears Out Bitcoin Reserves While Refinancing Higher-Cost Convertibles

Bitdeer (NASDAQ: BTDR) has liquidated its remaining bitcoin reserves of 943 BTC over the past week, as the bitcoin mining and data center operator tapped fresh refinancing amid a record-low hashprice environment.

Bitdeer said in a series of weekly social media updates that it has sold down the rest of its self-owned bitcoin holdings, bringing its balance to zero as of Feb. 20, extending a months-long shift toward liquidating reserves faster than it produces new coins.

In January, Bitdeer sold 1,155 BTC while producing 668 BTC, meaning it sold about 1.73 times its monthly production. By Jan. 31, the company reported bitcoin reserves of 1,530 BTC, down after a third consecutive month in which sales exceeded 100% of monthly production.

The company’s weekly X posts show the liquidation pace continuing into February. As of Feb. 6, Bitdeer reported “pure holdings” of 1,039.5 BTC, and by Feb. 13 that figure had fallen to 943.1 BTC. In its Feb. 20 update, Bitdeer said its self-owned holdings had dropped to zero, adding that it produced 189.8 BTC during the week and sold the full amount.

The depletion of reserves comes as Bitdeer pursues refinancing and balance-sheet moves during a period of compressed mining economics. On Friday, Bitdeer had priced an upsized $325 million offering of convertible senior notes that carry a 5.00% coupon and mature in 2032, with proceeds intended in part for repurchasing portions of its existing 5.25% convertible senior notes due 2029.

Bitdeer’s 5% coupon stands out against recent convertible issuance by several U.S.-listed mining peers, such as MARA, CleanSpark, Cipher and IREN, which raised capital with 0% (or near-0%) coupons during 2025.

Mining profitability has been under pressure amid a weak hashprice environment, which slipped back below $30/PH/s following the latest difficulty jump, which was the largest increase since May 2021.