Polar Asset Management Partners Inc. Lowers Stock Position in BTC Development Corp. $BDCI

Polar Asset Management Partners Inc. reduced its position in shares of BTC Development Corp. (NASDAQ:BDCI) by 75.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 175,000 shares of the company’s stock after selling 538,394 shares during the period. Polar Asset Management Partners Inc.’s holdings in BTC Development were worth $1,748,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ABC Arbitrage SA bought a new stake in BTC Development in the 4th quarter worth about $200,000. Picton Mahoney Asset Management bought a new position in shares of BTC Development during the 4th quarter worth approximately $200,000. Crossingbridge Advisors LLC purchased a new position in shares of BTC Development in the 4th quarter worth approximately $250,000. Boothbay Fund Management LLC purchased a new position in shares of BTC Development in the 4th quarter worth approximately $350,000. Finally, StoneX Group Inc. bought a new position in shares of BTC Development in the fourth quarter valued at approximately $526,000.

BTC Development Price Performance

NASDAQ BDCI opened at $10.07 on Tuesday. The business’s fifty day moving average is $10.07 and its 200-day moving average is $10.04. The stock has a market capitalization of $305.62 million and a price-to-earnings ratio of 40.28. BTC Development Corp. has a one year low of $9.96 and a one year high of $10.26.

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised BTC Development from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

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.