Bitdeer Sold All Bitcoin Reserves for AI

Bitdeer Technologies, one of the largest publicly traded Bitcoin miners, has announced the complete liquidation of its cryptocurrency reserves. Over the past quarter, Bitdeer sold 943.1 BTC held in treasury reserves along with 189.8 BTC mined during the period. The company's current Bitcoin balance stands at zero.

Breakdown of the Sale

The decision to sell all Bitcoin holdings came as a surprise to the market, as most of Bitdeer's competitors have been actively increasing their cryptocurrency reserves. Companies like Marathon Digital and Riot Platforms maintain accumulation strategies, holding thousands of BTC on their balance sheets.

Why Bitdeer Chose AI

Bitdeer's management explained the decision as a strategic pivot toward artificial intelligence. Demand for computing power to train large language models and run inference is growing exponentially, and the company sees a more attractive long-term opportunity in AI than in Bitcoin mining.

Bitdeer has already begun converting some of its mining facilities into data centers for AI workloads. The existing infrastructure — cooling systems, power connections rated at hundreds of megawatts, and physical premises — provides an ideal foundation for deploying GPU clusters.

The Miner-to-AI Conversion Trend

Bitdeer is not the only company moving toward AI. Over the past year, several large miners have announced partial or complete repurposing of their facilities. Hosting AI workloads delivers significantly higher margins compared to traditional Bitcoin mining, especially after the 2024 halving that cut block rewards in half.

• Higher margins: Hosting AI workloads generates 2–3 times the revenue of Bitcoin mining for the same energy costs
• Stable income: Contracts with AI companies provide fixed payments, unlike volatile mining revenues
• Growing demand: The global AI infrastructure market is projected to reach $500 billion by 2028

Strategy Risks

Despite the appeal of the AI sector, a complete exit from Bitcoin carries certain risks. If Bitcoin's price rises significantly over the coming years, Bitdeer will miss out on potential gains from holding the asset. Additionally, competition in the AI infrastructure market is already fierce — companies are vying for limited GPU supplies from NVIDIA and AMD.

Analysts also note that abandoning diversification entirely could leave Bitdeer vulnerable to cyclical shifts in AI computing demand. The company is betting that the current artificial intelligence boom will be a sustained trend rather than a short-lived peak.

What This Means for the Market

Bitdeer's decision signals a fundamental shift in the strategies of publicly traded mining companies. If other major players follow suit, it could create additional selling pressure on Bitcoin by reducing the volume of miner-held reserves. At the same time, it confirms the growing convergence of the crypto industry and the artificial intelligence sector, where mining infrastructure is finding new and potentially more profitable applications.