Original Title: Largest US Bitcoin miner dumps entire BTC stash as margin pressure intensifies
Original Author: Liam 'Akiba' Wright, CryptoSlate
Original Translation: Deep Tide TechFlow
Deep Tide Introduction: By computing power, Bitdeer is the largest Bitcoin miner in the United States. This week, it has completely emptied its entire BTC reserve—from 2,017 coins to zero. At the same time, the company has also completed a $325 million convertible bond financing and stock issuance. This is not an isolated event: hash price has approached the breakeven line for many miners, and a structural transformation from "coin hoarding machines" to "operation machines fueled by BTC" is quietly taking place.
The full text is as follows:
The largest Bitcoin miner in the US by computing power, Bitdeer, has completely emptied its BTC ledger this week.
The company's BTC treasury balance currently shows as 0—it sold 189.8 newly mined BTC and withdrew 943.1 BTC from reserves to sell together.
Mining companies hold Bitcoin like pressure in a pipeline: part of it flows out as income, while part remains in the treasury as a store of value and buffer, and the state of the buffer reflects management's judgment about the road ahead.
Bitcoin hashrate ranking
Source: bitcoinminingstock.io
Bitdeer's buffer has been reduced to zero, raising the question: what is the reason for this miner's urgent need for cash? How does it view the next quarter?
In mining, bills come in fiat currency—electricity bills, hosting fees, salaries, parts—while income comes in Bitcoin. Thus, every treasury policy is essentially a statement about timing, risk, and capital acquisition capability.
This weekly report also has a second layer of meaning. Bitdeer's balance sheet at the end of the year still showed a considerable BTC holding—in the announcement on December 31, 2025, the company disclosed it held "Bitcoin: 2,017 coins."
From a four-digit holding to a weekly update showing zero, this contains all the stories of rhythm, cash conversion, governance models, and the ever-evolving business of mining.
Overall, this weekly report presents a company that actively chooses certainty—transforming a shrinking reserve (in dollar terms) into operational liquidity and adjusting its risk exposure to be closer to that of a utility company rather than a hoarding account. This is where the term "capitulation" comes into play: it describes what happens when the profit margin gauge approaches the red line—the treasury shifts from strategic reserve to fuel.
According to weekly data, Bitdeer sold about 1,132.9 BTC (with a reserve of 943.1 coins plus 189.8 newly mined coins). Based on the estimated range of $60,000 to $70,000 shown on Bitdeer's mining insight page, this represents about $68 million to $79 million in liquidity—enough to have a substantial impact on the miner's cash cycle and to signal a change in posture.
Treasury numbers meet financing calendar
This BTC sale coincided with what appears to be a deliberate restructuring action in the capital markets. Bitdeer announced the pricing of $325 million of 5.00% convertible senior notes maturing in 2032 after scaling up, and also completed a direct registered offering priced at $7.94 per share.
The expected uses of funds include: hedging options trading (capped call transaction), repurchasing $135 million of 2029 convertible bonds, and funding data center expansion, HPC and AI business, ASIC R&D, and operational funds.
This series of actions indicates where the money wants to go and what risks the company is willing to bear along the way.
Convertible bonds and hedging options are financial pipelines—they wrap volatility, trade up room for survival, aiming to keep the gears turning when revenue takes a breath. The signal conveyed by a miner completing financing and debt restructuring at the same time it empties its BTC ledger is a preference for controllable financing channels, aimed at building infrastructure that can continuously generate orders, compute power, and contracts.
This logic aligns with the larger narrative for 2026—miners increasingly position themselves as "energy to compute" companies, with Bitcoin as one revenue line, while AI and HPC represent another capital-intensive destination.
VanEck's 2026 outlook believes that this transformation in the mining sector brings both opportunities and pressures, and anticipates that industry consolidation will follow as balance sheets absorb growing costs.
Hash price sets the pace, forward curve sets the expectation
Mining failures rarely end with a bang; they are a drift, tightening, being forced into a sequence of small decisions that ultimately coalesce into a big decision. The profit margin gauge for this industry is hash price—revenue per unit of computing power—while recent readings explain why the treasury must liquidate.
Luxor's latest hash price index report puts the dollar hash price at $34.05 per PH per day, down about 4% week on week, and notes that for many miners, the current hash price is near the breakeven point, depending on their respective cost structures and types of mining machines.
Forward market pricing shows an average of about $28.73 per PH per day over the next six months—this lower expectation pulls on every treasury policy like gravity.
Difficulty is the second knob; it adjusts the denominator and can swing quickly when weather, downtime, or power shortages take miners offline.
Bitcoin experienced a record 11.16% difficulty drop to 125.86T, followed by a record rebound to 144.40T. The next adjustment is expected to decrease in early March. For miners planning capital expenditures and liquidity weekly and monthly, this mode is like a whip reaction.
Bitdeer's own dashboard also reflects the same predicament—Bitdeer lists the network's computing power at about 1,022 EH/s, with difficulty around 144.4T, showing "daily earnings per terahash" at $0.0289. Miners must survive in the space constituted by these numbers and choose where to absorb volatility: treasury, debt pile, or growth plan.
Capitulation comes first in accounting form, then in consolidation form
When traders talk about "capitulation," they imagine a waterfall—a sudden washout that brings the ledger to zero. Mining capitulation often happens in the forms of ledger entries and financing terms: selling coins, cutting reserves, pricing convertible bonds, issuing more equity, and weaker operators being forced to merge or close down.
Bitdeer's operations this week fit a narrative of clearing the treasury to serve as a bridge for financing—converting BTC to cash to support larger-scale construction and restructuring of debt. This includes: directing the funds into hedging options trading, repurchasing existing convertible bonds, and funding data centers, HPC and AI, ASIC R&D and operational funds. Companies acting according to this script treat Bitcoin as inventory that can be converted into concrete, chips, and contracts.
Luxor's hash price index forward market pricing at about $28.73 per PH per day indicates that margin pressure will persist, and this pressure often pushes miners toward one of three exit routes: selling BTC, selling equity, or selling the company itself.
VanEck's outlook characterizes 2026 as a phase of consolidation and points directly to financing choices—dilutive convertible bonds, treasury sales during price weakness, and differentiation between operators that can simultaneously mine Bitcoin and provide AI computing power and those that can only sustain one track.
This is why Bitdeer's clearance of reserves might be the canary in the coal mine. This event serves as both a case study and a warning label. Miners can maintain exposure to Bitcoin through continuous operations while holding fewer actual tokens; they may also reposition themselves as infrastructure companies transferring Bitcoin price risk elsewhere.
If the entire industry were to replicate this transaction, the number of miners hoarding BTC on balance sheets would decrease and the sensitivity of miner cash flow to short-term profitability would increase.
What to watch next
First, the sustainability of policies. A week of clearing out can be about timing, while a sustained pattern over several months means new treasury dogma. The most useful signal will be updates in the coming weeks—continuing listings of "BTC holdings" that similarly separate company holdings from client deposits.
Second, the cost of capital. Convertible bonds and equity financing terms show that this company is building a space for survival, and as hash price tightens, this space becomes a competitive weapon. Under pressure, miners with lower financing costs are buying time, while those with higher financing costs are selling coins, equity, or assets.
Third, the profitability backdrop. Luxor's hash price index places the hash price near the breakeven line for many miners, and the volatility of difficulty shows how quickly the denominator can swing, while the network is still adjusting. Miners build on these constantly moving foundations, with their treasury acting as a shock absorber.
The cleanest reading for this week is procedural: miners follow incentives, and incentives flow through hash price, difficulty, and financing terms.
Bitdeer turned reserves into cash, and the week it did so, it coincidentally adjusted its capital structure and clarified priorities for future spending—data centers, HPC, AI, and ASIC.
The entire industry can digest one company clearing its treasury, but the entire industry must also confront this model: a mining ecosystem that sees Bitcoin as throughput rather than hoarding, and treats balance sheet exposure as an adjustable knob based on maintaining operational costs is gradually taking shape.
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