卖光比特币去搞AI！吴忌寒终究活成了詹克团

Core Viewpoint - The company Bitdeer, led by Wu Jihan, has completely liquidated its Bitcoin holdings, marking a strategic exit from the cryptocurrency market due to financial pressures and a shift towards AI infrastructure development [1][2][18]. Group 1: Strategic Liquidation - Bitdeer’s decision to sell all Bitcoin holdings was a premeditated strategy rather than a reaction to market conditions, with a clear timeline of accumulation and subsequent liquidation [4][8]. - The company reached a peak holding of 2,233 BTC before entering a phase of selling, which accelerated significantly in early 2026, resulting in a complete sell-off by February 20, 2026 [7][8]. Group 2: Financial Pressures - Bitdeer reported a substantial increase in revenue for 2025, reaching $620.3 million, a 77% increase year-over-year, but this was accompanied by a drastic decline in gross margin from 19% to 9.8% [10][11]. - The company’s net profit for 2025 was reported at $65.6 million, but this figure was inflated by non-cash gains from convertible bonds, leading to an adjusted loss of $230 million when accounting for operational costs and rising expenses [12][13][16]. - Operating cash flow for 2025 showed a net outflow of $1.739 billion, with cash reserves dropping by 69% to $149.4 million, indicating severe liquidity issues [16]. Group 3: Shift to AI Infrastructure - Wu Jihan is transitioning Bitdeer from a mining operation to an AI infrastructure company, leveraging a significant 3.0 GW of global power capacity, which is the largest among competitors [18][20][21]. - Despite the strategic pivot, AI-related revenue currently constitutes only 2-3% of total income, with the majority still reliant on mining operations, highlighting the risks associated with this transition [24][25]. - The company’s future success hinges on securing AI hosting contracts in 2026, as the current mining operations are viewed as a defensive strategy rather than a growth avenue [25][26].