Wu Jihan Breaks Silence on Bitdeer’s Bitcoin Fire Sale: ‘Zero Now Doesn’t Mean Forever’
Coin Newsweek – February 22, 2026 – Bitdeer, the Nasdaq-listed Bitcoin mining company founded by industry veteran Wu Jihan, has completely liquidated its corporate Bitcoin holdings, according to the latest weekly update. The company’s total Bitcoin treasury now stands at zero, with all mining output from this week sold off as well.
The development marks a significant shift in strategy for one of the industry’s most prominent mining operations. Bitdeer’s weekly report revealed that the company produced 189.8 BTC during the reporting period and sold the entire amount, consistent with a “mine-and-sell” approach that prioritizes immediate liquidity over long-term holding [citation:2][citation:3].
Beyond the weekly production, the data shows a net Bitcoin decrease of 943.1 BTC, indicating that Bitdeer also drew down from its existing reserves to reach a zero balance [citation:2]. This complete liquidation of the corporate treasury goes beyond the routine selling miners typically conduct to cover operational expenses.
Wu Jihan, Bitdeer’s founder and chairman, addressed the situation directly on social media platform X. In a characteristically measured response, he stated: “Having zero holdings now does not mean it will always be this way in the future. Thank you for your concern” [citation:1][citation:4][citation:6].
The response leaves room for interpretation about Bitdeer’s long-term Bitcoin strategy. While the company has temporarily exited its Bitcoin position, Wu’s phrasing suggests this may be a tactical move rather than a permanent philosophical shift away from Bitcoin accumulation.
Industry observers note that Bitdeer’s decision comes amid challenging conditions for Bitcoin miners. Data indicates that nine of the 22 Bitcoin mining models currently on the market are operating below their shutdown price, meaning mining and selling at current prices would be unprofitable for those machines [citation:3].
The liquidation also follows recent capital markets activity by Bitdeer. Earlier last week, the company announced plans to raise approximately $300 million through convertible senior notes due in 2032, alongside a $43.7 million registered direct offering of Class A ordinary shares [citation:5][citation:7]. The timing suggests Bitdeer may be prioritizing cash reserves and balance sheet strength during a period of industry-wide margin compression.
In its fourth-quarter earnings call earlier this month, Bitdeer reported $149.4 million in cash and equivalents, along with approximately $1 billion in borrowings [citation:7]. The decision to eliminate Bitcoin holdings entirely could reflect a broader refinancing strategy aimed at strengthening liquidity and reducing exposure to Bitcoin price volatility.
The mining industry has been undergoing significant transformation, with many operators diversifying into artificial intelligence and high-performance computing to supplement traditional Bitcoin mining revenue. The April 2024 halving event compressed profit margins, pushing miners to explore hybrid business models [citation:5].
For Bitdeer, Wu Jihan’s “zero now, not forever” comment keeps the door open for re-entering the Bitcoin accumulation game when conditions align. Whether this represents a temporary retreat or a more fundamental shift in corporate treasury policy remains to be seen, but the founder’s carefully chosen words suggest Bitcoin remains part of the long-term vision.
