Rivernorth Capital Management LLC Buys Shares of 199,756 BTC Development Corp. $BDCI

Key Points

• Rivernorth Capital Management bought 199,756 shares of BTC Development Corp. during the first quarter, worth approximately $2.0 million and representing a 0.66% stake.
• Several other institutional investors, including Meteora Capital, Toronto Dominion Bank and Glazer Capital, also established sizable positions during the fourth quarter.
• BDCI shares opened at $10.08, while the company reported quarterly earnings of $0.05 per share. The stock carries an overall “Sell” rating, and BTC Development has not yet identified a target for its planned business combination.

Rivernorth Capital Management LLC purchased a new stake in BTC Development Corp. (NASDAQ:BDCI - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 199,756 shares of the company's stock, valued at approximately $1,996,000. Rivernorth Capital Management LLC owned 0.66% of BTC Development as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Meteora Capital LLC acquired a new stake in shares of BTC Development during the fourth quarter worth $18,337,000. Toronto Dominion Bank acquired a new position in BTC Development in the fourth quarter valued at about $13,345,000. Glazer Capital LLC bought a new position in BTC Development during the fourth quarter worth about $11,755,000. TENOR CAPITAL MANAGEMENT Co. L.P. bought a new position in BTC Development during the fourth quarter worth about $11,261,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of BTC Development during the 4th quarter worth about $10,010,000.

BTC Development Price Performance

Shares of BTC Development stock opened at $10.08 on Thursday. The company has a market capitalization of $305.90 million and a P/E ratio of 40.32. The business has a 50-day moving average of $10.07 and a two-hundred day moving average of $10.04. BTC Development Corp. has a 1 year low of $9.96 and a 1 year high of $10.26.

BTC Development (NASDAQ:BDCI - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported $0.05 EPS for the quarter.

Analysts Set New Price Targets

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

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.

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