BTC Digital Ltd. (NASDAQ:BTCT) Sees Large Decrease in Short Interest

BTC Digital Ltd. (NASDAQ:BTCT) was the target of a large decline in short interest in February. As of February 15th, there was short interest totalling 502,100 shares, a decline of 24.7% from the January 31st total of 667,000 shares. Approximately 11.4% of the company’s stock are sold short. Based on an average daily volume of 2,270,000 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Trading of BTC Digital

A number of hedge funds have recently bought and sold shares of the stock. Two Sigma Investments LP purchased a new position in shares of BTC Digital in the 4th quarter valued at $59,000. Invesco Ltd. purchased a new position in BTC Digital in the fourth quarter valued at about $113,000. Finally, Renaissance Technologies LLC purchased a new position in BTC Digital in the fourth quarter valued at about $975,000. Hedge funds and other institutional investors own 7.32% of the company’s stock.

BTC Digital Price Performance

Shares of BTCT traded up $0.06 during mid-day trading on Wednesday, hitting $4.28. The company’s stock had a trading volume of 164,771 shares, compared to its average volume of 3,040,434. The company’s 50-day moving average is $5.33 and its 200-day moving average is $5.20. BTC Digital has a 52-week low of $1.32 and a 52-week high of $26.58.

About BTC Digital

BTC Digital Ltd. a crypto asset technology company engages in bitcoin mining business. It is also involved in mining machines resale and rental business. The company was formerly known as Meten Holding Group Ltd. and changed its name to BTC Digital Ltd. in August 2023. The company was founded in 2006 and is headquartered in Shenzhen, China.