There is something unusual about this move, this is precisely why it is important.
Bitdeer did not simply sell part of it. They wiped the slate clean

The Moment That Made Me Pause

The first reaction I felt when I was informed that Bitdeer had liquidated its Bitcoin assets to zero was curiosity and not panic. Miners rarely act this way.

Miners do sell, of course. Their sales are used to meet electricity bills and operating expenses. But they never lay it all on the line there is always some stock on hand a treasury, a bet in the long run, a piece of faith.

Bitdeer simply abandoned that all.

Bitdeer announced that it had zero $BTC in its balance sheet today, having liquidated all freshly mined coins, as well as approximately 943 BTC of its reserves.

It Was a Slow Exit

The notable thing about it is that the transformation was not sudden.

They have been accumulating less and less inventory of Bitcoin.

Between approximately 2,000 BTC in December 2025 and zero in February 2026.

Bitcoin continued to be mined and sold less each week until there was nothing left.

Until there was nothing left.

To me, that's not a trade. That's a shift in belief. The Ugliness of Reality: Mining is not Printing Money Anymore

Mining is still being romanticized as it is free Bitcoin.

It's not!

The fact of the present day is harsh. Increasing challenge, declining margins and a system which is tightening its squeezer on operators.

Miner revenue per hash hashprice is no longer able to be profitable because costs are increased and rewards are reduced.

When your business is no longer breathing easy, then what do you do?

You sell assets.

And Bitdeer went further: the quantity of sold bitcoin is greater than what they mined during the previous periods. This is a survival strategy.

This Isn't Bearish, it is strategic

And this is where the interest comes in.

The majority will scream: Miners dumping = bearish signal. But I don't see fear here. I see repositioning.

Bitdeer is raising $300-million and refocusing capital in:

- AI infrastructure
- Data centers
- Hardware development mining.

It is not a firm that is leaving the game.

This is a firm shifting the game, which it desires to play.

They are simply effectively saying: Why be invested in Bitcoin... when we can create the infrastructure that makes money whether price is high or price is low?

That's a different mindset.

This is the one that is lacking to most people

Miners have become now of two sorts:

1- The believers that carry BTC as digital gold.

2- And the operators which take BTC as inventory.

Bitdeer has just decided to show which side they are on.

In the meantime, some others such as Marathon continue to have huge reserves. Massively different strategy.

Same industry but two philosophies

And more than the sale, that break away, is important.

What this Means

I do not see this as a cause to panic. I perceive it as an alarm of attention.

Since one of the biggest miners, with one of the best hashrates, chooses to keep zero Bitcoin it creates a need to ask:

Do they know something?
Or are they merely keeping pace with the whole world?

Maybe both.

This seems to me like late cycle behavior, not in terms of price but in terms of business models.

The easy mining phase is gone. It is now capital-intensive, margin sensitive and ferociously competitive.

And it is the evolving who will survive.

Final Thought

It is such a phrase every one can say: miners are the backbone of Bitcoin.

However, this is the unpleasant reality:

Even the backbone gives way in pressure.

Bitdeer did not break. They adjusted.

And that it is genius... or desperation...

We're going to find out soon! 👀