Bitdeer, the company founded by Bitmain co‑founder Jihan Wu, reported that it has depleted its Bitcoin reserves as of 20.02.2026.

Sale details and reserves

According to the weekly report dated 20.02.2026, Bitdeer sold approximately 943 BTC for about $64 mln, leaving no BTC on balance.

Of that amount, 189 BTC were newly mined during the last week, while the remainder came from strategic reserves gradually liquidated in recent weeks.

Position in the market

Despite the sell‑off, Bitdeer remains the largest public miner by computational power with 63.2 EH/s, overtaking MARA Holdings in hashrate rankings.

Financial context

The company’s shares fell sharply, with BTDR down about 46% over the past month, and Bitdeer announced a $300 mln convertible note issuance.

Industry revenue declined from $1.59 billion in October 2025 to $1.12 billion in January 2026, increasing pressure on miners’ cash flows.

Operational pressures

Mining difficulty jumped by 14.73% on 19.02.2026, reaching a record of 144.4 T, forcing miners to sell reserves to cover power and maintenance costs.

Under these conditions, companies have shifted from selling only newly mined coins to liquidating strategic stockpiles simply to meet operational expenses.