Bitdeer Technologies Group (NASDAQ: BTDR ) is a Bitcoin mining company that is currently diversifying its business into a high-demand, high-performance computing market. This is one of a few legacy miners that has decided to reduce dependency on Bitcoin and its volatility, and strengthenDear Reader,I am a Senior Derivatives Expert with over 10 years of experience in the field of Asset Management, specializing in equity analysis and research, macroeconomics, and risk-managed portfolio construction. My profes ...

Core Insights - The 38th week of the year is historically the third-worst performing week for bitcoin, averaging a return of -2.25% [1] - Bitcoin is currently trading around $113,000, down nearly 2%, with September's monthly options expiry indicating a max pain level at $110,000, suggesting potential further downside [1][2] - Market enthusiasm for bitcoin has diminished, with perpetual funding rates dropping to 4%, one of the lowest levels in a month, indicating reduced demand for leveraged long exposure [2][3] Market Performance - Despite the weekly dip, bitcoin is 4% higher in September and up 6% for the quarter, with historical trends suggesting potential positive returns in the remaining weeks of the year [4] - Implied volatility for bitcoin is near historic lows at 37, reflecting subdued market expectations for future price swings [3][4] Competitive Landscape - The impressive rally in gold, which has increased more than 42% year to date, is impacting bitcoin sentiment negatively [4] - Gains in artificial intelligence and high-performance computing stocks, such as IREN, are also detracting from bitcoin's appeal in the short term [5]

CoreWeave IPO Overview - CoreWeave, backed by NVIDIA, had a highly anticipated IPO that priced below expectations, settling at $40, which equaled its IPO price [1][5] - The company aimed to raise up to $2.7 billion but ultimately raised $1.5 billion due to lower investor demand [5] Analyst Reactions - Analysts expressed disappointment over the IPO but noted potential positives for miners transitioning to high-performance computing [2][4] - Rosenblatt analyst Chris Brendler highlighted that the IPO could still be beneficial for miners despite the overall disappointing market sentiment [2][3] Financial Performance and Market Position - CoreWeave's business model focuses on renting high-performance GPU infrastructure for AI and machine learning, but the company is currently unprofitable with $7 billion in debt [5][6] - The company reported $1.9 billion in revenue last year, which may be overshadowed by its debt situation [5] Partnerships and Future Outlook - Partnerships with major players like NVIDIA, OpenAI, and Microsoft indicate long-term potential, although investor sentiment remains mixed [6] - Analysts are monitoring CoreWeave's public market performance for signs of stabilization and momentum maintenance despite challenges [7] Stock Performance - Following its IPO, CoreWeave's stock fell by 7.31% to $37.04, trading between $36 and $41.94 since going public [7]