From mining companies to infrastructure providers, Bitdeer clears the survival logic behind BTC

Author: Liam ‘Akiba’ Wright

Translation: Deep Tide TechFlow

Deep Tide Guide: In terms of hash rate scale, Bitdeer is the largest Bitcoin miner in the United States. This week, it completely emptied its BTC treasury—resetting from 2017 BTC to zero. At the same time, the company completed a $325 million convertible bond financing and an equity issuance. This is not an isolated event: hashprice has approached many miners’ break-even points, and a structural shift is quietly occurring—miners are transforming from “HODL machines” into “operations fueled by BTC.”

The full text is as follows:

Calculating by hash rate, the largest Bitcoin miner in the U.S., Bitdeer, has this week fully cleared its BTC ledger.

The company’s BTC treasury balance now shows zero—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: some as income flow out, some remain in the treasury as a store of value and buffer, and the buffer’s state reflects management’s judgment of future market conditions.

Bitcoin hashrate ranking

Source: bitcoinminingstock.io

Bitdeer’s buffer going to zero raises a question: why does this miner urgently need cash? And how does it view the next quarter?

In mining, bills come in fiat—electricity, hosting fees, wages, parts—while income arrives in Bitcoin. Therefore, every treasury policy is essentially a statement about timing, risk, and capital access.

This weekly report also has a second layer of meaning. At year-end, Bitdeer’s balance sheet still showed a substantial BTC holding—according to the December 31, 2025 announcement, the company disclosed “Bitcoin holdings: 2,017 BTC.”

From a four-digit holding to a weekly update showing zero, behind this is the rhythm, cash conversion, governance model, and the entire story of a constantly self-reforming industry.

Overall, this weekly report presents a company proactively choosing certainty—converting a shrinking (in USD terms) reserve into operational liquidity and adjusting its risk exposure closer to that of a utility rather than a HODL account. This is where the term “capitulation” comes in: it describes what happens when profit margins approach the red line—the treasury shifts from strategic reserve to fuel.

Based on weekly data, Bitdeer sold approximately 1,132.9 BTC (943.1 BTC in reserves plus 189.8 newly mined BTC). Using the $60,000 to $70,000 range from Bitdeer’s mining insights page, this represents roughly $68 million to $79 million in liquidity—enough to have a tangible impact within the miner’s cash cycle and to signal a change in stance.

Treasury figures meet financing calendar

This BTC sale coincides with what appears to be a deliberate restructuring of capital markets. Bitdeer announced the pricing of a $325 million, 5.00% interest, 2032 maturity convertible note after an upsizing, and simultaneously completed a registered direct offering at $7.94 per share.

Expected uses of the funds include: hedging via capped call transactions, repurchasing $135 million of 2029 convertible bonds, and funding data center expansion, HPC and AI businesses, ASIC R&D, and operational costs.

This series of actions tells you where the money is headed and what risks the company is willing to take along the way.

Convertible bonds and hedging options are financial pipelines—they hedge volatility, use upside potential to buy survival space, aiming to keep the gears turning when revenues breathe. A miner clearing its BTC ledger while completing financing and debt restructuring signals a preference for controlled funding channels and building infrastructure capable of generating ongoing orders, hashrate, and contracts.

This logic aligns with the broader narrative toward 2026—more miners are positioning themselves as “energy-to-hash” companies. Bitcoin is a revenue stream, while AI and HPC are other capital-intensive destinations.

VanEck’s outlook for 2026 sees this industry transformation as both an opportunity and a challenge, expecting industry consolidation as balance sheets absorb rising costs.

Hashprice sets the rhythm, forward curves set expectations

Failures in mining rarely end with a bang; they drift, tighten, and force small decisions that eventually lead to a big one. The industry’s profitability gauge is hashprice—the revenue per unit of hashpower—and recent figures explain why treasuries must liquidate.

Luxor’s latest hash rate index reports a USD hashprice of $34.05 per PH per day, down about 4% week-over-week, noting that for many miners, current hashprice is near break-even, depending on their cost structures and machine types.

The forward market prices suggest an average of about $28.73 per PH per day over the next six months—a lower expectation that acts like gravity pulling every treasury policy.

Difficulty is the second knob—it adjusts the denominator. When weather, downtime, or power restrictions take miners offline, difficulty can swing rapidly.

Bitcoin experienced a record 11.16% difficulty adjustment downward to 125.86T, followed by a record rebound to 144.40T. The next adjustment is expected in early March, likely downward. For capital planners in weekly and monthly cycles, this pattern is like a whip response.

Bitdeer’s own dashboard reflects the same situation—network hashrate around 1,022 EH/s, difficulty approximately 144.4T, with “profit per TH per day” at $0.0289. Miners must survive within these numbers and choose where to absorb volatility: treasury, debt pile, or growth plans.

Capitulation, first in accounting terms, then in integration

When traders talk about “capitulation,” they imagine a waterfall—a sudden wipeout that resets the ledger. In mining, capitulation often manifests as entries and financing terms: selling coins, reducing reserves, pricing convertible bonds, issuing more equity, or weaker operators merging or shutting down.

Bitdeer’s actions this week fit a narrative of treasury liquidation serving as a financing bridge—converting BTC into cash to support larger-scale expansion and debt restructuring. This includes directing proceeds into hedging options, bond buybacks, and funding data centers, HPC, AI, ASIC R&D, and operations. Companies acting according to this script treat Bitcoin as inventory convertible into concrete, chips, and contracts.

Luxor’s forward market pricing at about $28.73 per PH per day indicates profit margin pressure will persist, pushing miners toward three options: sell BTC, sell equity, or sell the company.

VanEck’s outlook describes 2026 as an integration phase, emphasizing financing choices—dilutive convertible bonds, treasury sales during weak prices, and operators capable of running both Bitcoin mining and AI compute tracks, versus those limited to one.

This is why Bitdeer’s treasury clearing could be a canary in the coal mine. It’s both a case study and a warning label. Miners can maintain Bitcoin exposure through ongoing operations while holding fewer actual tokens; they can also reposition as infrastructure companies, shifting Bitcoin price risk elsewhere.

If the entire industry repeats this transaction, the number of miners with BTC on their balance sheets will decrease, and their cash flow sensitivity to short-term profitability will increase.

What to watch next

First, policy continuity. A week of clearing can be timing choice; sustained months of it suggest a new treasury doctrine. The most useful signals will come from updates in the coming weeks—especially the “BTC holdings” line, which separates company holdings from client deposits.

Second, cost of capital. Convertible bonds and equity terms show this company is building survival space, but as hashprice tightens, that space becomes a competitive weapon. Under pressure, miners with lower financing costs buy time; those with higher costs sell coins, equity, or assets.

Third, profit margin context. Luxor’s hashprice index places many miners near their break-even line, and sharp difficulty swings show how quickly the denominator can move while the network still adjusts. Miners are building on these shifting foundations; their treasuries act as shock absorbers.

The clearest takeaway this week is procedural: miners follow incentives, which flow through hashprice, difficulty, and financing terms.

Bitdeer turned reserves into cash, and in doing so, it is also adjusting its capital structure and clarifying future priorities—data centers, HPC, AI, and ASIC.

The entire industry can absorb one company clearing its treasury, but it must also face this pattern: a mining ecosystem that views Bitcoin as throughput rather than accumulation, and treats balance sheet exposure as an adjustable knob based on operational costs, is gradually taking shape.