Bitcoin Treasury Companies Dumping BTC? Bitdeer Holdings Hit Zero
SwanDesk CEO Jacob King, a well-known Bitcoin critic, recently made headlines with his claims that companies are rushing to sell off their BTC holdings. According to King, corporate Bitcoin exposure has dropped by over 37% in the last three months, marking what he called “the largest downturn in history.” His comments came in the wake of Bitdeer, a prominent Bitcoin miner, confirming that it had liquidated its entire Bitcoin treasury, bringing its holdings down to zero.
Bitdeer, founded by ex-Bitmain co-founder Jihan Wu and based in Singapore, sold a total of 1,132.9 BTC in a single week. This included 943.1 BTC from its reserves and all 189.8 BTC that it had mined during the period. The company’s corporate holdings now stand at zero, marking a significant decline from the roughly 2,000 BTC it held at the beginning of 2026. The company’s decision to sell off its BTC holdings was part of its strategic plan to raise funds for AI data center expansion, cloud growth, and mining hardware development.
King characterized the recent wave of selloffs as evidence that corporate Bitcoin strategies are failing. He went on to describe Bitcoin as a “failed experiment,” suggesting that companies initially bought into the cryptocurrency in hopes of making quick profits and boosting their stock prices, only to find themselves disappointed. He also cautioned that the bear market still has room to fall further, warning that many retail investors who were drawn into the crypto craze may soon face significant losses.
The trend of Bitcoin mining companies divesting their BTC holdings is not limited to Bitdeer. Other players in the industry, such as Cango, Riot Platforms, and Bitfarms, have also sold off significant amounts of Bitcoin to finance other ventures, particularly in the fields of AI and high-performance computing. This shift is driven by the higher revenue potential and margins offered by AI workloads compared to Bitcoin mining.
As Bitcoin continues to trade around $66,272, down 47% from its previous all-time high, miners are facing pressure from rising production costs and shrinking margins. Despite optimistic forecasts from some analysts, miners are increasingly turning to alternative revenue streams and business models to weather the ongoing bear market.
In conclusion, the cryptocurrency landscape is evolving rapidly, with companies reevaluating their Bitcoin holdings and exploring new opportunities in AI, data centers, and cloud services. As the market continues to fluctuate, it is crucial for investors to conduct thorough research and exercise caution when making investment decisions in the crypto space.
