Bitdeer's latest move marks an interesting turning point in the mining world. The company announced that, as of February 20, it has completely sold its bitcoin holdings—excluding customer deposits, of course. In its weekly reports, we can see that it withdrew 189.8 BTC and converted all of it into liquidity.

This decision is important because it changes the rules of the traditional mining game. Previously, companies like MicroStrategy would show bitcoin accumulation as a signal of confidence. Bitdeer, on the other hand, took a different approach—selling the bitcoin it produces to speed up its preparation for purchasing land for AI data centers. The company emphasized that this strategy shouldn’t worry the market, noting that there are multiple energy-focused land opportunities.

Operationally, Bitdeer is growing quickly. In January, it mined 668 bitcoin, showing a 430% year-over-year increase. Its hash rate reached 65.1 EH/s. But the goal is no longer just bitcoin production—it's building AI infrastructure. It is rolling out NVIDIA GB200 systems in Malaysia, and converting its facilities in the US and Europe from crypto mining to AI data centers.

This shift requires serious capital. Bitdeer made $325 million in convertible bonds and a $43.5 million capital increase. AI and HPC contracts are different from bitcoin mining—they offer more predictable revenue streams. This is a period when miners want to be viewed less as leveraged trading entities and more as digital infrastructure players.

Bitdeer isn’t alone. Riot Platforms recently sold $200 million worth of bitcoin. Bitfarms no longer defines itself as a “bitcoin company,” focusing more on AI in the US. Marathon Holdings is also entering the HPC and AI space by taking a 64% stake in Exaion, a France-based company. A broader trend is emerging across the industry.

Bitdeer shares are trading at $7.70 per share in pre-market trading, down 1%.

Also, it’s worth noting that XRP has been experiencing a sharp drop in recent days. It fell from about $1.36 to $1.33—along with heavy trading volume, this is being seen as a sign of aggressive selling rather than thin liquidity.