Polar Asset Management Partners Inc. Sells 538,394 Shares of BTC Development Corp. $BDCI

Key Points

• Polar Asset Management cut its BTC Development stake by 75.5% in the first quarter, selling 538,394 shares and retaining 175,000 shares valued at approximately $1.75 million.
• BTC Development remains rated negatively by Wall Street: Weiss Ratings upgraded the stock from “sell (e+)” to “sell (d-),” while the sole tracked analyst maintains a Sell rating.
• BDCI shares opened at $10.07, near the middle of their $9.96–$10.26 52-week range, with a market capitalization of about $305.6 million; the company reported quarterly EPS of $0.05 and has not yet identified a merger target.

Polar Asset Management Partners Inc. decreased its stake in shares of BTC Development Corp. (NASDAQ:BDCI - Free Report) by 75.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 175,000 shares of the company's stock after selling 538,394 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.58% of BTC Development worth $1,748,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. ABC Arbitrage SA acquired a new position in shares of BTC Development during the 4th quarter valued at $200,000. Picton Mahoney Asset Management acquired a new stake in BTC Development in the fourth quarter worth $200,000. Crossingbridge Advisors LLC acquired a new stake in BTC Development in the fourth quarter worth $250,000. Boothbay Fund Management LLC bought a new stake in BTC Development in the fourth quarter valued at $350,000. Finally, StoneX Group Inc. bought a new stake in BTC Development in the fourth quarter valued at $526,000.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of BTC Development from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of "Sell".

BTC Development Stock Performance

Shares of NASDAQ BDCI opened at $10.07 on Tuesday. The stock has a market cap of $305.62 million and a price-to-earnings ratio of 40.28. BTC Development Corp. has a fifty-two week low of $9.96 and a fifty-two week high of $10.26. The firm's 50-day simple moving average is $10.07 and its 200 day simple moving average is $10.04.

BTC Development (NASDAQ:BDCI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported $0.05 EPS 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.

Want to see what other hedge funds are holding BDCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BTC Development Corp. (NASDAQ:BDCI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.