BTC Digital Ltd. (NASDAQ:BTCT) Sees Significant Drop in Short Interest

BTC Digital Ltd. (NASDAQ:BTCT) was the target of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 290,300 shares, a decline of 42.2% from the February 13th total of 502,100 shares. Based on an average daily trading volume, of 2,280,000 shares, the short-interest ratio is presently 0.1 days. Currently, 6.6% of the company’s shares are sold short.

BTC Digital Stock Performance

Shares of NASDAQ BTCT opened at $4.34 on Friday. BTC Digital has a fifty-two week low of $1.32 and a fifty-two week high of $26.58. The company’s 50 day simple moving average is $5.21 and its 200 day simple moving average is $5.30.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Two Sigma Investments LP bought a new stake in shares of BTC Digital in the 4th quarter valued at about $59,000. Invesco Ltd. bought a new position in shares of BTC Digital during the 4th quarter valued at about $113,000. Finally, Renaissance Technologies LLC bought a new stake in BTC Digital during the 4th quarter worth approximately $975,000. 7.32% of the stock is currently owned by institutional investors.

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.