Bitdeer Sells Entire Bitcoin Treasury to Fund AI Pivot and Data Center Expansion

Bitdeer (BTDR) has made significant changes to its operations, selling off its entire bitcoin treasury in an effort to pivot towards artificial intelligence (AI) development. The company's decision to liquidate its remaining 943.1 BTC reserve and mine 189.8 BTC in the final week of February has left it with a zero BTC balance sheet.

The move is part of Bitdeer's efforts to raise $325 million through a private sale of convertible senior notes, which will be used to fund high-performance computing, AI cloud services, proprietary ASIC chip development, and data center expansion. This shift in strategy comes as the company faces challenges in mining economics, with bitcoin network difficulty surging 14.7% - its largest jump since May 2021 - and hashprice falling below $30 per petahash per day.

Despite holding no BTC on its books, Bitdeer has become the world's largest publicly traded self-miner, boasting a self-managed hashrate of 63.2 EH/s. The company is also facing a securities class-action lawsuit over alleged misrepresentations regarding its SEAL04 chip timeline.