Singapore-based Bitdeer Technologies Group has liquidated its entire bitcoin treasury to boost liquidity for expansion, signaling a notable change in capital allocation strategy as miners increasingly pivot toward AI infrastructure.

The company disclosed that as of Feb. 20 it held zero BTC on its balance sheet, excluding customer deposits. In its latest weekly update, Bitdeer reported producing 189.8 BTC and selling the full amount. The decision departs from the reserve-accumulation model championed by firms such as Strategy, which position bitcoin as a long-term treasury asset.

In a statement on X, Bitdeer said the sale should not be viewed as a negative signal for the broader crypto market. Management noted it is reviewing several powered land acquisition opportunities and believes strengthening liquidity now is prudent, even as it continues to grow hash rate and mine bitcoin for shareholders.

Operational performance remains robust. Bitdeer mined 668 BTC in January, up 430% from a year earlier. Its self-mining hash rate climbed to 63.2 exahashes per second (EH/s), with total proprietary hash rate reaching 65.1 EH/s.

At the same time, the company is ramping up its AI ambitions. Bitdeer is deploying NVIDIA GB200 NVL72 systems in Malaysia and converting facilities in the U.S. and Europe from crypto mining operations into AI-focused data centers. Unlike incremental mining expansions, AI infrastructure projects require significant upfront capital for GPU clusters and extensive data center upgrades.

To finance the transition, Bitdeer recently completed a $325 million convertible notes offering along with a $43.5 million equity raise. The proceeds will support data center expansion, high-performance computing (HPC) and AI cloud initiatives, as well as ASIC development.

The shift reflects a broader industry evolution. Bitcoin mining revenues are highly sensitive to price swings and halving cycles, whereas AI and HPC contracts can provide steadier and more predictable cash flows. By diversifying into AI infrastructure, miners aim to attract valuations tied to digital infrastructure and cloud services rather than serving purely as leveraged bitcoin plays.

Peers are adopting similar strategies. Riot Platforms recently sold $200 million worth of bitcoin to fund operations and AI expansion. Bitfarms has moved away from branding itself strictly as a bitcoin miner while deepening AI investments in the U.S. Meanwhile, MARA Holdings is expanding into HPC and AI through a planned 64% stake in France-based Exaion.

Bitdeer shares were down roughly 1% in pre-market trading, hovering around $7.70.