Bitdeer Sells All BTC Holdings, Sells Newly Mined Coins — CEO Wu Jihan’s Pivot to Chips and AI
Bitdeer confirmed it has reduced its pure BTC holdings to zero as of Feb 20, 2026, and sold all 189.8 newly mined BTC this week, resulting in a net BTC outflow of 943.1 BTC since mid-January. The sell-off was gradual: ~2,000 BTC at end-2025, ~1,900 in early Jan, ~1,530 end-Jan, 943.1 by Feb 14, then zero by Feb 20. CEO Wu Jihan has shifted company strategy from pure mining to developing ASIC miner chips (SEALMINER) and AI compute centers. To fund R&D and operations, Bitdeer simultaneously issued $300M convertible preferred notes and a 5.5M-share secondary at $7.94/share; the stock plunged ~17% on the announcements, with BTDR down ~32% year-to-date. The article contrasts Bitdeer’s liquidating approach with other miners (MARA, Riot, Hut 8) that accumulate BTC on balance sheets. Traders should note: large miner selling increases short-term BTC supply pressure; the capital raise signals aggressive tech pivot and execution risk tied to chip production. Key stats and actions: BTC holdings -> 0; BTC sold this week -> 189.8; net BTC change -> -943.1; $300M convertible, 5.5M shares at $7.94. Primary keywords: Bitdeer, BTC, Wu Jihan, ASIC, SEALMINER, miner selling, convertible notes.
Bearish
Bitdeer’s liquidation of all its BTC and the immediate sale of newly mined coins increases short-term BTC supply pressure and signals liquidity needs. Large miner sell-offs historically correlate with short-term downward price pressure because miners are typically stable supply holders; when they flip to consistent selling, market participants interpret it as reduced demand from a supply-side group and potential distress selling. The simultaneous capital raises (a $300M convertible note and share issuance) and pivot to capital-intensive ASIC/AI projects heighten execution and funding risk, contributing to negative sentiment—evidenced by BTDR’s ~17% intra-day drop and ~32% YTD decline. In the short term, expect increased volatility and potential downward pressure on BTC price if other miners or investors front-run selling. In the medium-to-long term, impact depends on execution: successful SEALMINER production and profitable AI business could restore value and reduce the need for future coin sales; failure would prolong bear pressure. Comparable past events: Marathon, Bitfarms and other miners selling during cash stress periods have coincided with local BTC price weakness. Traders should monitor miner balance sheets, weekly miner sales reports, and Bitdeer’s execution milestones (chip tapeouts, production yields) to reassess risk.