‘Failed Experiment’: Are Bitcoin Treasury Companies Dumping BTC? Bitdeer Holdings Hit Zero

SwanDesk CEO Jacob King, a well-known Bitcoin critic, says companies are rushing to dump their BTC. In a post on X, King claimed corporate Bitcoin exposure has fallen by over 37% in the past three months. He called it “the largest downturn in history.”

His comments came as Bitcoin miner Bitdeer confirmed it sold its entire Bitcoin treasury, bringing holdings down to zero.

Bitdeer Liquidates Entire BTC Reserve

Bitdeer, the Singapore-based miner founded by ex-Bitmain co-founder Jihan Wu, sold 1,132.9 BTC in a single week. That includes 943.1 BTC from its reserves and all 189.8 BTC it mined during the period. Corporate holdings now sit at exactly zero.

The decline was steady. Bitdeer started 2026 holding roughly 2,000 BTC. By the end of January, that fell to 1,530 BTC. By February 13, it was down to 943.1 BTC. A week later, everything was sold.

The company has raised $325 million through convertible notes and another $43.7 million in equity. The funds will go toward AI data center expansion, cloud growth, and mining hardware development.

‘Bitcoin Is a Failed Experiment’

King framed the selloffs as proof that corporate Bitcoin strategies are falling apart.

“Bitcoin is a failed experiment. Companies bought in because they thought they could make some quick fiat gains and it would lure new dumb money into their failing stock, but it backfired on both. They’re now jumping ship as quick as they can,” he added.

King also warned that the bear market has more room to fall, saying the “next major leg down will be eye-opening for many naive retail who got lured into this scam.”

Also Read: Crypto Analyst Warns Bitcoin Could Hit Zero, Lays Out 16-Step ‘Doomsday’ Scenario

Are Bitcoin Mining Companies Abandoning the HODL Strategy?

Bitdeer is not the only miner selling. Earlier this month, Cango dumped 4,451 BTC worth $305 million to fund its AI pivot. Riot Platforms sold $200 million in BTC. Bitfarms has dropped its “Bitcoin company” branding altogether and is going all-in on AI in the U.S.

About 70% of top public miners now earn revenue from AI and high-performance computing. The reason is simple. AI workloads bring in 3 to 25 times more revenue per kilowatt than Bitcoin mining, with margins between 80% and 90%.

MARA Holdings also bought a 64% stake in French computing firm Exaion last week, pushing deeper into cloud and AI services. HIVE, Hut 8, TeraWulf, and IREN are all converting mining facilities into data centers.

What Bitcoin’s Bear Market Means for Treasury Companies in 2026

Bitcoin is currently trading around $66,272, down 47% from its October 2025 all-time high. It now sits below the estimated $77,000 to $87,000 production cost for most miners. Bitcoin ETF outflows have hit nearly $4 billion over the past five weeks.

Bernstein still sees BTC reaching $150,000 by year-end, calling this the “weakest bear case in history.” But for miners running on tight margins and rising debt, waiting for a recovery may no longer be an option.