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

Profit margins approaching the red line, miners are starting to use Bitcoin as fuel.

Author: Liam ‘Akiba’ Wright

Translation: Deep潮 TechFlow

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

Full Text:

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

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 holding Bitcoin are like pressure in pipelines: some as income flow out, some remain in the treasury as store of value and buffer, and the buffer status reflects management’s judgment of future conditions.

Bitcoin Hashrate Ranking

Source: bitcoinminingstock.io

Bitdeer’s buffer being wiped out all at once raises a question: why does this miner urgently need cash? How does it view the next quarter?

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

This weekly report also has a second meaning. At the end of the year, Bitdeer’s balance sheet still showed substantial BTC holdings—its December 31, 2025, announcement 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 hoarding 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 reserves plus 189.8 newly mined). 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 coincided with what appears to be a deliberate restructuring of capital markets. Bitdeer announced the pricing of a $325 million, 5.00% coupon, 2032 maturity convertible note, after increasing its size, 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 convertibles, and funding data center expansion, HPC and AI businesses, ASIC R&D, and operational costs.

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

Convertibles and hedging options are financial pipelines—they hedge volatility, using upside potential to buy survival, aiming to keep gears turning during revenue breathing room. A miner clearing its BTC treasury while simultaneously raising capital and restructuring debt signals: a preference for controlled financing channels, and building infrastructure capable of generating ongoing orders, hash rate, and contracts.

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

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

Hash price sets the rhythm, forward curve sets expectations

Mining failures rarely end with a bang; they drift, tighten, and force small decisions that eventually lead to a big one. The industry’s profit metric is hashprice—the revenue per unit of hash rate—and recent readings explain why treasuries must liquidate.

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

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

Difficulty is the second dial—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 down to 125.86T, followed by a record rebound to 144.40T. The next adjustment is expected to decrease in early March. For capital planning miners on weekly and monthly horizons, this pattern is like a whip response.

Bitdeer’s own dashboard reflects the same situation—its listed network hash rate is about 1,022 EH/s, with difficulty around 144.4T, showing “per TH/day revenue” 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 books. In mining, capitulation often occurs through ledger entries and financing terms: selling coins, reducing reserves, pricing convertibles, issuing more equity, or forced mergers and shutdowns of weaker operators.

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, buybacks of existing convertibles, 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/day indicates profit margin pressure will persist, pushing miners toward one of three exits: sell BTC, sell equity, or sell the company.

VanEck’s outlook sees 2026 as an integration phase, directly pointing to financing options—dilutive convertibles, treasury sales during weak prices, and operators capable of running both Bitcoin mining and AI hash rate as differentiated from those limited to one.

This is why Bitdeer clearing its reserves 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 move, 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 sustainability. A week of clearing can be a timing choice, but sustained behavior over months signals a new treasury doctrine. The most useful signals will come from updates in the coming weeks—same “BTC holdings” line, separating company holdings from customer 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 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 point, and sharp difficulty swings show how quickly the denominator can move while the network is still adjusting. Miners are building on these constantly shifting foundations, with their treasury acting as a shock absorber.

The clearest weekly interpretation is procedural: miners follow incentives, which flow through hashprice, difficulty, and financing terms.

Bitdeer turned reserves into cash, and in that same week, it also adjusted its capital structure and clarified future spending priorities—data centers, HPC, AI, and ASIC.

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