ChainThink reports that on March 6, 10x Research released a report stating that institutional capital flows and corporate balance sheet adjustments are quietly reshaping the landscape of crypto-related stocks, with some crypto-themed stocks benefiting from price gains while others are gradually being marginalized by the market. Meanwhile, structural changes are also emerging within the mining sector, a trend that could redefine investors’ outlook for the next phase of this crypto cycle.
On an individual stock basis, Bitdeer Technologies (BTDR) has shown mixed recent performance: although the stock has risen above its 7-day moving average, signaling a short-term bullish trend, it remains below the 30-day moving average, indicating an overall cautious trend, with a decline of approximately 6.9% over the past week. The market is primarily digesting the company’s latest capital structure restructuring plan, which includes an expanded $375 million convertible bond offering and a $43.7 million stock placement. While this financing arrangement has introduced notable equity dilution pressure, management has indicated that the proceeds will be used to accelerate the company’s transition toward high-performance computing (HPC) and AI infrastructure, partially alleviating market concerns.
In addition, the company fully depleted its Bitcoin reserves by selling the remaining 943 BTC to raise funds for expanding its data center operations. On the operational front, positive signals emerged: Bitcoin mining output increased by 21% quarter-over-quarter, and the deployment of SEALMINER A2 miners is progressing smoothly. Meanwhile, the market has also observed divergent performance among crypto-related stocks—for example, Circle’s stock rebounded over 60%, while Coinbase rose approximately 25%.