Bitdeer Sells All Bitcoin Holdings, Prices $325M Notes as Debt Reaches $1.3B

Bitdeer disclosed on Feb. 20, 2026 that it mined 189.8 BTC that week and sold them, then disposed of its remaining 943.1 BTC inventory in a single transaction, reducing its Bitcoin balance to zero, the company said on X. In the same week it priced $325 million in new convertible notes; combined with $1 billion in book debt as of Dec. 31, 2025, total debt stands at roughly $1.3 billion, according to Bitdeer's financial report. Proceeds are funding land and power acquisitions to pivot toward AI data centers, with global capacity of 3,002 MW (1,658 MW operational; 1,344 MW under construction or planned) including Rockdale, Texas at 563 MW with 179 MW expansion, Clarington, Ontario at 570 MW under a 30-year lease, and Tydal, Norway at 175 MW expected by end-2026 with 164 MW usable IT load. The new 2032 notes carry an initial conversion price of about $9.93, a 25% premium to the concurrent equity offering price of $7.94, with convertible bond maturities in 2029, 2031 and 2032; Roth/MKM estimates fully deployed HPC capacity could support about $850 million in annual revenue, while management says allocating all 200 MW to AI cloud services could exceed $2 billion a year, both projections depending on timely construction, hyperscaler contracts and full GPU utilization.