Haciyev Reşit 
One of the leading companies in the cryptocurrency mining sector, Bitdeer, made a striking decision in its latest weekly update. The company announced that it had sold all of its Bitcoin holdings, reducing the BTC balance on its balance sheet to zero. This move is seen as a significant development, especially regarding institutional Bitcoin reserve strategies. While mining companies typically retain a portion of the Bitcoin they mine as reserves, Bitdeer’s complete liquidation of its holdings was interpreted by the market as a strategic shift. Analysts suggest that this decision could be aimed at cash flow management, financing operational investments, or hedging against potential market risks. The development has generated widespread attention regarding institutional Bitcoin reserves and the long-term strategies of mining companies.
Bitdeer Zeroes Out Bitcoin Reserves
According to data shared by Bitdeer, founded by Jihan Wu, as of February 20, 2026, the company’s net Bitcoin reserves, excluding customer assets, stood at zero. During the week, Bitdeer mined 189.8 BTC and simultaneously sold the same amount, liquidating its entire BTC holdings. The reported weekly net Bitcoin change was -943.1 BTC, indicating that the company sold all Bitcoin held on its balance sheet compared to the previous week, signaling a notable strategic adjustment on the institutional side. In the prior report dated February 13, 2026, Bitdeer held a total net reserve of 943.1 BTC. That week, the company mined 183.4 BTC and sold 179.9 BTC, resulting in a net change of -96.5 BTC. With the latest report, it is clear that the company no longer holds any directly owned Bitcoin, illustrating how mining firms are reshaping reserve management strategies according to market conditions.
Bitdeer emphasized in its update that the zeroing of reserves aligns with its operational efficiency and financial flexibility goals. The report highlighted that weekly production was balanced by sales, resulting in a net reserve of zero. Analysts note that this step may be part of the company’s strategy to focus on cash flow management and operational investments rather than holding large Bitcoin reserves.
Leadership in Hashrate
Despite selling all its Bitcoin, Bitdeer’s operational strength continues to grow. The company’s self-managed Bitcoin hashrate has reportedly surpassed that of major competitor Marathon Digital Holdings. With this development, Bitdeer now operates the highest BTC hashrate among publicly listed mining companies, significantly boosting its competitive position in the sector. This indicates that, even without holding direct Bitcoin reserves, Bitdeer is focused on expanding its mining infrastructure and production capacity. Analysts suggest that the company is prioritizing operational growth over reserve accumulation to create a more sustainable long-term revenue model. The increased hashrate strengthens Bitdeer’s position in the global mining market and supports expectations for future production and revenue potential.
Assessment
Bitdeer’s complete sale of its Bitcoin reserves highlights how mining companies continue to make strategic moves based on market conditions. While the zeroing of BTC holdings attracts short-term attention, the growing hashrate capacity demonstrates that Bitdeer is maintaining operational expansion. Going forward, institutional mining companies’ reserve management and sales strategies will remain closely watched by the crypto market.
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