Bitdeer has completed its pivot to a pure mining operation. The company sold its final 943 BTC over the past week, bringing its self-owned BitcoinBTC-- balance to zero as of February 20. This marks the end of a months-long strategy where sales consistently outpaced production, a shift now fully realized.
The scale of the liquidation is stark. In January alone, BitdeerBTDR-- sold 1,155 BTC while its own production was just 668 BTC. This means the company sold about 1.73 times its monthly output, rapidly depleting its reserves. The move is a direct financial response to extreme pressure on mining economics.
That pressure stems from a record-low hashprice environment. Following the latest difficulty increase, the hashprice slipped back below $30/PH/s. With miner revenues falling sharply from $1.59 billion in October to $1.12 billion in January, selling Bitcoin became a necessity to fund operations and support balance sheet moves like its recent $325 million offering of convertible notes.
The New Leader: Hashrate Gain vs. Financial Strain
Bitdeer has overtaken Marathon (MARA) as the leader in self-mining hash rate among publicly traded miners. The company now dedicates 63.2 exahashes per second (EH/s) to its own operations, surpassing MARA's 60.4 EH/s. This growth, driven by the deployment of its proprietary SEALMINER rigs, marks a decisive operational shift. Quick Backtesting Tool
Yet this leadership comes at a cost. The same month Bitdeer added 8 EH/s, it sold 1,155 BTC while producing only 668. This accelerated liquidation, which reduced its holdings from 2,017 to 1,530 Bitcoin, shows a clear focus on securing liquidity over holding Bitcoin. The company's financial strain is the direct driver of this flow.
In contrast, MARAMARA-- is repositioning toward AI infrastructure, a strategic pivot that may leave it more exposed to Bitcoin price volatility. While Bitdeer leans into mining, MARA has shifted away from its traditional fleet expansion, creating a divergence in business models and risk profiles.
Catalysts and Risks: The Path to Profitability
Bitdeer's survival now hinges on a single, critical metric: hashprice. For its 63.2 EH/s of mining operations to become profitable, the hashprice must recover above the $30/PH/s threshold it recently slipped below. With miner revenues having fallen sharply from $1.59 billion in October to $1.12 billion in January, the company's financial model is broken without this recovery. The entire pivot to a pure miner is a bet that this price floor will hold or rise.
The market's deep skepticism is reflected in the stock price. Marathon Digital Holdings, Bitdeer's closest peer, trades around $7.97, having fallen over 46% in 2025. This valuation embeds a clear expectation that the company cannot fund operations without selling Bitcoin, a cycle it has now fully entered. The stock's path will be dictated by the flow of cash from mining versus the flow of cash needed to cover operational costs.
The key near-term watchpoint is refinancing. Bitdeer recently priced a $325 million offering of convertible senior notes with a 5.00% coupon to fund balance sheet moves. The ability to secure such capital at favorable terms is now paramount. If the company must refinance more frequently or at higher rates, the liquidity it desperately needs to cover costs while generating zero Bitcoin revenue from its own mining will be at risk.
