BTC Development Corp. (NASDAQ:BDCI) Sees Large Growth in Short Interest

BTC Development Corp. (NASDAQ:BDCI) was the target of a large growth in short interest in May. As of May 29th, there was short interest totaling 5,692 shares, a growth of 232.1% from the May 14th total of 1,714 shares. Based on an average daily volume of 27,047 shares, the short-interest ratio is currently 0.2 days. Currently, 0.0% of the company’s stock are sold short.

Hedge Funds Weigh In On BTC Development

Several institutional investors have recently modified their holdings of BDCI. Highbridge Capital Management LLC bought a new position in shares of BTC Development in the 4th quarter valued at about $3,004,000. Periscope Capital Inc. bought a new position in shares of BTC Development in the 4th quarter valued at about $4,943,000. Wealthspring Capital LLC bought a new position in shares of BTC Development in the 4th quarter valued at about $3,346,000. Mint Tower Capital Management B.V. bought a new position in shares of BTC Development in the 4th quarter valued at about $2,002,000. Finally, ABC Arbitrage SA bought a new position in shares of BTC Development in the 4th quarter valued at about $200,000.

BTC Development Stock Performance

Shares of NASDAQ:BDCI remained flat at $10.05 during trading on Friday. The stock had a trading volume of 2,941 shares, compared to its average volume of 64,517. BTC Development has a fifty-two week low of $9.96 and a fifty-two week high of $10.26. The stock has a market capitalization of $305.02 million and a price-to-earnings ratio of 40.20. The company’s 50 day moving average price is $10.02.

BTC Development (NASDAQ:BDCI) last released its quarterly earnings data on Tuesday, May 12th. The company reported $0.05 earnings per share for the quarter.

BTC Development Company Profile

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination involving one or more businesses or assets, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited to organizational activities as well as activities related to this offering. We have not identified any acquisition target and we have not, nor has anyone on our behalf, initiated any discussions, directly or indirectly, with respect to identifying any acquisition target.