Sona Asset Management US LLC Makes New Investment in BTC Development Corp. $BDCI

Key Points

• Sona Asset Management US LLC acquired 262,494 shares of BTC Development Corp. in the first quarter, worth approximately $2.62 million and representing about 0.86% of the company.
• Several other institutional investors—including Meteora Capital, Toronto Dominion Bank, Glazer Capital, TENOR Capital Management, and Adage Capital—also established sizable positions during the fourth quarter.
• Despite Weiss Ratings upgrading the stock from “sell (e+)” to “sell (d-),” BTC Development retains a consensus Sell rating. The blank-check company has not yet identified an acquisition target, while shares recently traded near $10.09.

Sona Asset Management US LLC acquired a new stake in BTC Development Corp. (NASDAQ:BDCI - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 262,494 shares of the company's stock, valued at approximately $2,622,000. Sona Asset Management US LLC owned approximately 0.86% of BTC Development at the end of the most recent reporting period.

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

Analysts Set New Price Targets

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

BTC Development Price Performance

BDCI stock opened at $10.09 on Monday. The firm has a market cap of $306.20 million and a PE ratio of 40.36. BTC Development Corp. has a 12 month low of $9.96 and a 12 month high of $10.26. The firm has a 50 day simple moving average of $10.06 and a 200 day simple moving average of $10.04.

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

BTC Development 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.

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