Short Selling Soars... Bitcoin Mining Stocks Surge 6%

Bitdeer Technologies Group (NASDAQ: BTDR) closed at $11.98 on the Nasdaq on April 30, up 6.11% from the previous day, bringing its market capitalization to approximately $2.36 billion. On that single day, its market cap rose by about $150 million, marking a standout performance among Bitcoin mining stocks in a volatile market. Trading volume reached roughly 3.3 million shares, signaling a wave of short-term buying interest in a stock that had recently undergone a correction.

A recent report indicates that Bitdeer’s short interest has surged significantly over a short period, suggesting potential for short covering and expanded volatility in the near term. In early April, a consensus rating from 13 brokerages placed Bitdeer at a “moderate buy” with an average price target of $24.20, implying mid- to long-term upside. However, mixed revisions to ratings and targets have led to divergent views.

Headquartered in Singapore, Bitdeer Technologies Group is a Bitcoin mining and blockchain/high-performance computing infrastructure company that provides in-house mining, hosting, and cloud services. Recently, the company has developed proprietary ASIC technology—such as the SEAL02 Bitcoin mining chip in collaboration with TSMC—and raised cash through a $150 million convertible bond issuance and the sale of all its Bitcoin holdings. Bitdeer is using these funds to expand its data center and mining infrastructure, a strategy that has made its earnings and share price notably volatile.