We recently compiled a list of the Wall Street Optimism Spills Over to These 10 Stocks on Friday. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against the other stocks.
Wall Street finished the trading week stronger, posting gains by more than 1 percent after slipping into the negative territory at intra-day trading following a clash between US President Donald Trump and Ukrainian leader Volodymyr Zelensky at the White House.
Following the televised meeting, the two leaders concluded the encounter without a deal for joint development of mineral resources.
The Dow Jones jumped by 1.39 percent, the S&P 500 surged by 1.59 percent, and the Nasdaq soared by 1.63 percent.
The broader market optimism spilled into individual stocks, with 10 companies ending the trading session with strong gains. In this article, we have detailed the reasons behind their impressive performance.
To come up with Friday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
A construction team in a mining datacenter building work site with plans and equipment in hand.
Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer Technologies Group (NASDAQ:BTDR) extended its winning streak for a third day on Friday, rallying 13.04 percent to finish at $12.31 each as investors cheered news of the firm’s additional investments in Bitcoin despite a disappointing earnings performance last year.
In a recent post on X, formerly Twitter, Bitdeer Technologies Group (NASDAQ:BTDR) announced it purchased 50 Bitcoins at a price of $81,475 apiece for a total of $4.07 million, as the company took advantage of the drop in Bitcoin prices over the past few days.
With the latest purchase, Bitdeer Technologies Group (NASDAQ:BTDR)’s overall Bitcoin holdings now stand at 640.
Last week, Bitdeer Technologies Group (NASDAQ:BTDR) announced its latest earnings results, where net losses in the fourth quarter of the year widened by 10,538 percent to $531.9 million from $5 million in the same period a year earlier, while revenues declined by 40 percent to $69 million from $114.8 million year-on-year.
According to the company, the performance was due to its prioritized investments in proprietary ASIC technology, which temporarily limited its hashrate growth and impacted its financial performance.
Overall BTDR ranks 4th on our list of Friday’s top gainers. While we acknowledge the potential of BTDR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BTDR but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
