ZFX山海证券:比特币矿商清仓套现 算力转型AI赛道

Core Insights - Bitdeer has completely liquidated its Bitcoin holdings, reducing its treasury to zero, which is a rare move among large publicly listed mining companies [1][4] - This aggressive liquidity management strategy reflects the industry's attempt to navigate profit pressures post-halving by sacrificing Bitcoin exposure for greater capital flexibility [1][4] Financial Operations - During the reporting period, Bitdeer sold all newly mined Bitcoin totaling 189.8 BTC and cleared its previous reserve of 943.1 BTC [2][5] - The company plans to raise $300 million through the issuance of convertible preferred notes maturing in 2032, indicating a significant acceleration in its capital operations [2][5] - Following the financing announcement, Bitdeer's stock experienced substantial volatility, highlighting investor sensitivity to dilution risks and the allocation of funds [2][5] Industry Trends - The shift from pure Bitcoin mining to global computing infrastructure has become an industry consensus, with other mining giants like MARA Holdings acquiring stakes in AI-related companies [3][6] - Several well-known mining companies, including HIVE, Hut 8, and TeraWulf, are actively transforming their Bitcoin mining energy facilities to support higher-margin AI high-performance computing (HPC) businesses [3][6] - The complete liquidation of Bitcoin inventory and debt-driven expansion by Bitdeer signifies a new phase in mining competition characterized by heavy assets and technology-driven strategies [3][6]