Bitdeer Technologies Group enters June with one of the most striking options setups in the crypto mining space — call demand has overwhelmed puts to a degree not seen all year, even as 27% of the float remains short.
The options signal is the sharpest data point this week. The put/call ratio has collapsed to 0.31 — the lowest reading of the past 52 weeks, and nearly three standard deviations below its 20-day average of 0.52. That is an extreme skew toward calls, reflecting either aggressive bullish positioning or a meaningful unwind of downside hedges following the stock's 26% weekly gain. The move follows a steady normalisation from the mid-0.58 range that persisted through most of April and May; the last two sessions have seen a step-change rather than a gradual drift, which makes the signal harder to dismiss as noise.
Short interest is barely moving despite that bullish options sweep. Bears hold 27.2% of the free float — essentially flat on the week, up just 0.5% — and the FINRA fortnightly count puts days-to-cover at 7.1. The short score has eased slightly to 72.8 from a recent peak of 75.4 on May 25, but remains in the 3rd percentile for short score rank across comparable names, meaning almost every peer carries lighter bear positioning. What has changed since the previous note — which flagged shorts stuck at 27% even as the stock ran 23% — is that borrow availability has continued to loosen, now at 145% versus 118% reported on May 28. Cost to borrow has drifted lower to 0.93% APR, making it almost frictionless to maintain a short. Bears are not being squeezed out of their positions; they are simply sitting on them while the stock moves against them.
The Street broadly raised its view following May earnings. B. Riley, Rosenblatt, and Needham all lifted targets in mid-May, with Rosenblatt moving furthest — to $25 from $18. The consensus mean price target now sits at $21.52, modestly above the current $18.51 close. Cantor Fitzgerald remains the outlier, holding a Neutral with a $15 target after its April downgrade from Overweight. EPS momentum factor scores rank in the 99th percentile on both 30- and 90-day windows, a sign that forward estimates have been revised sharply higher in recent weeks. The EV/EBITDA multiple has expanded roughly 2x over the past month to 16.1x — a meaningful re-rating — while the PE remains negative, reflecting the company's current loss-making status. Bulls point to Bitdeer's diversified mining model and the 2027 Tydal capacity expansion; bears flag limited visibility on co-location tenants and dependence on third-party miner hardware sales.
Institutional ownership tells a layered story. Sachem Head Capital Management built a new 9.6-million-share position as of end-March — one of the more notable active-manager entries in the register. Tether Holdings added 6.1 million shares in Q1, bringing its stake to 15.8% of shares outstanding. Founder Jihan Wu trimmed slightly, shedding around 1 million shares, though he retains a 19.5% position. BlackRock and State Street both added in the April reporting period, a quiet signal of index-driven buying that tends to follow price appreciation in smaller-cap names.
Crypto mining peers moved broadly in sympathy this week. CLSK gained 18%, RIOT added 15%, and HUT rose 25% — so BTDR's 26% advance kept pace with the sector rather than leading it. The most recent earnings print in mid-May produced a muted 1% next-day move, followed by a 13% five-day gain, suggesting the market digested the results slowly. The next earnings event is pencilled for August 12.
What to watch is whether the put/call ratio normalises back toward its 0.52 historical mean as the initial post-earnings enthusiasm fades, or whether new call buying at higher strikes signals the market pricing in a continued re-rating toward and through the mean analyst target.
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Bitdeer Technologies Group heads into the back half of May with its short sellers at their most aggressive in weeks, even as analysts just hiked targets and the rest of the crypto mining sector surged. The bear camp…
