BTC Development Corp. (NASDAQ:BDCI) Short Interest Up 232.1% in May

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 days-to-cover ratio is currently 0.2 days. Approximately 0.0% of the company’s stock are sold short.

BTC Development Price Performance

Shares of BDCI remained flat at $10.05 during midday trading on Friday. 2,941 shares of the stock were exchanged, compared to its average volume of 44,377. BTC Development has a fifty-two week low of $9.96 and a fifty-two week high of $10.26. The firm’s fifty day simple moving average is $10.02. The firm has a market cap of $305.02 million and a price-to-earnings ratio of 40.20.

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

Institutional Investors Weigh In On BTC Development

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rivernorth Capital Management LLC acquired a new stake in BTC Development during the 1st quarter worth $1,996,000. Sona Asset Management US LLC acquired a new stake in BTC Development during the 1st quarter worth $2,622,000. Bulldog Investors LLP acquired a new stake in BTC Development during the 1st quarter worth $670,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in BTC Development during the 4th quarter worth $1,002,000. Finally, Lineage Point Capital LP acquired a new stake in BTC Development during the 4th quarter worth $2,002,000.

About BTC Development

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.