ChainThink News, March 6: According to a report released by 10x Research, institutional capital flows and corporate balance sheet adjustments are quietly reshaping the landscape of crypto-related equities, with some crypto-themed stocks benefiting from upward momentum while others are gradually being marginalized by the market. Meanwhile, structural shifts are also unfolding within the mining sector, a trend that could redefine investors’ assessment of the next phase of this crypto cycle.

On an individual stock basis, Bitdeer Technologies (BTDR) has shown divergent recent performance: although the stock has risen above its 7-day moving average, signaling short-term bullish sentiment, it remains below the 30-day moving average, indicating overall caution; the stock has declined approximately 6.9% over the past week. Market attention is primarily focused on the company’s latest capital restructuring plan, including an expanded $375 million convertible bond issuance and a $43.7 million equity placement. While this financing arrangement has created notable equity dilution pressure, management stated that the proceeds will be used to accelerate the company’s transition toward high-performance computing (HPC) and AI infrastructure, partially alleviating investor concerns.

In addition, the company has fully liquidated its remaining Bitcoin holdings of 943 BTC to raise capital for data center expansion. On the operational front, positive signals have emerged: Bitcoin mining output increased by 21% month-over-month, and deployment of the SEALMINER A2 mining rigs is progressing smoothly. At the same time, the broader crypto-related equities market has exhibited divergent trends—Circle’s stock rebounded more than 60%, while Coinbase recorded around a 25% gain.