Key Insights:
- Bitdeer sold 189.8 BTC mined and 943.1 BTC in its reserves to bring holdings to zero.
- The company issued a convertible note for $300M, with the option to increase to $45M.
- The funds will facilitate the data centre expansion, AI cloud, and self-mining departure.
Bitdeer has liquidated its corporate Bitcoin assets, leaving its treasury account empty, as the company announced in its most recent operational update. In its weekly report, the company revealed that its pure holdings, excluding customer deposits, are currently 0 Bitcoin.
The move marks a departure from the common industry practice of maintaining a reserve balance while selling portions of newly mined coins to cover operating costs.
Treasury Liquidation and $300M Note Offering Mark Strategic Change
The report detailed that Bitdeer produced 189.8 BTC during the most recent period and sold the entire amount. In addition, the company liquidated 943.1 BTC from its existing treasury reserves.
In its prior update dated February 13, Bitdeer reported holding 943.1 BTC after selling 179.9 BTC from the 183.4 BTC mined that week. At that time, routine sales of newly mined Bitcoin did not affect its treasury balance. On Thursday, Bitdeer’s shares declined sharply after the company announced plans to raise $300 million through a convertible senior note offering.
The offering includes an option to expand the issuance by an additional $45 million. Moreover, the notes mature in 2032 and may be converted into company stock, cash, or a combination of the two.
Bitdeer stated that the proceeds will support data centre expansion, growth of its artificial intelligence cloud, mining hardware development, and general corporate purposes. In parallel with its financing efforts, Bitdeer has been increasing its self-mining operations.
With demand for its mining equipment weakening, the company has increased its focus on internal Bitcoin production by moving a large portion of its mining hardware. Instead of focusing on hardware sales to its external customers, it has been deploying its own rigs to mine Bitcoin directly.
Industry Shifts Toward AI and High-Performance Computing
Bitdeer’s developments come as other mining firms adjust strategies following the 2024 Bitcoin halving and tighter operating margins.
As previously reported, MARA Holdings acquired a majority stake in French computing infrastructure firm Exaion. The transaction gives MARA France a 64% ownership interest, while energy company EDF remains a minority shareholder and customer.
The acquisition reflects a broader industry trend in which mining firms are expanding into artificial intelligence and high-performance computing services.
Several operators have adopted hybrid models that combine Bitcoin production with revenue from AI-related infrastructure. These changes have followed reduced block rewards after the halving and increased cost pressures.
Bitcoin Market Data and Monthly Performance Trends
Market performance data has also drawn attention. Economist Timothy Peterson stated in a recent post that 50% of the past 24 months have delivered positive returns for Bitcoin. He said this implies an 88% probability that Bitcoin could be higher ten months from now. Ten months from the time of publication falls on December 22.
Data from CoinGlass indicate that Bitcoin recorded gains in January, April, May, June, July, and September of 2025, whilst the remaining six months ended in losses. Peterson explained that he uses a rolling 24-month count of positive months to identify potential inflexion points in market cycles.
On the prediction platform Polymarket, traders assign December a 17% probability of being Bitcoin’s best-performing month of 2026. November holds a slightly higher probability at 18%.
Historical averages compiled by CoinGlass show November as Bitcoin’s strongest month since 2013, with an average return of 41.13%. As of press time, Bitcoin is trading at $ 68,059 on TradingView.
MN Trading Capital founder Michael van de Poppe stated on Friday that he expects the following week to close in positive territory for Bitcoin. He noted that the month could finalise with a large candle after five consecutive red months. In contrast, veteran trader Peter Brandt said in a recent interview that Bitcoin’s “real bottom” may not occur until October 2026.
