Wu Jihan Defends Bitdeer Against Short-Selling Allegations – Coincu

Bitdeer Technologies Group’s CEO, Wu Jihan, responded on April 17 to a short-selling report by Callisto Research, labeling it as misleading and rooted in manipulation. The report impacted Bitdeer’s stock, which closed at $8.03 on April 16, an 8.44% decline.

Bitdeer’s leadership remains focused on long-term value, despite increased skepticism from Callisto. As of March, institutional short interest in BTDR stood at 21.79% of the public float, revealing heightened market concerns.

Industry Insights Highlight Regulatory and Market Trends

Callisto Research released a short report on April 16 expressing concerns over Bitdeer’s transparency and governance, triggering significant market reactions. Jihan Wu criticized the report as pursuing a predetermined agenda to manipulate sentiment, stating that Bitdeer is committed to business fundamentals and growth. Bitdeer has been contemplating legal action to defend its image and investor interests against such market interference.

Bitdeer experienced stock volatility following these events, evidenced by a nearly 8.44% loss in shares. The rising institutional short interest alongside lower borrowing costs indicates an environment of increased uncertainty among investors regarding Bitdeer’s future prospects. Companies often use these opportunities to reinforce their commitment to transparency and governance enhancements in the wake of adverse reports. Jihan Wu has clearly articulated the company’s intentions to confront market challenges head-on.

“The report was based on a preset position, piecing together complex but irrelevant facts, and using absurd and misleading logic to construct a narrative, with the purpose of manipulating market sentiment for the short sellers to seek personal gain.” — Jihan Wu, Chairman and CEO, Bitdeer Technologies Group

Market Data and Future Outlook

Did you know? In similar crypto mining sector events, companies like Riot Platforms and Marathon Digital experienced short-lived turmoil following adverse reports.

According to CoinMarketCap, Bitcoin (BTC) is valued at $84,065.48, with a market cap exceeding $1.67 trillion and a 63.04% market dominance. Trading volume stood at $28.30 billion, marking a 1.42% change. Over the past 60 days, BTC experienced a 13.88% decline. The circulating supply is 19.85 million BTC, nearing the max supply of 21 million.

The Coincu research team notes that increased regulatory scrutiny might arise due to the publicized governance concerns. Companies with robust transparency protocols may hold an advantage in navigating future market landscapes successfully. Bitdeer’s commitment to AI and data center expansion could bolster its resilience amid evolving industry trends.