According to its latest weekly production report, the company held zero BTC as of Feb. 20. Over the past week, it liquidated its remaining 943.1 BTC and also converted the 189.8 BTC mined during the same period into cash. Its reserves, which stood at around 2,000 BTC at year-end, had already fallen to 1,530 BTC by late January and 943.1 BTC by Feb. 13 before dropping to zero after the final sale.
In its statement, management stressed that the decision should not be interpreted as a sign of market panic. The company said it is evaluating non-binding opportunities to acquire power and land assets, describing the liquidity build-up as a prudent step. It also reiterated that its hash rate will continue to grow and that it remains committed to mining more Bitcoin in the interest of shareholders. The recently announced $325 million convertible note issuance and $43.5 million equity sale appear connected to data center expansion and AI-focused transformation plans.
Meanwhile, a 14.7% increase in Bitcoin network difficulty and a decline in hashprice below $30 per PH/s per day have significantly compressed industry margins. With gross profit margin dropping to 4.7% in the fourth quarter, it remains unclear whether the zero-BTC position represents a lasting strategic shift or a temporary liquidity management move.
