10x Research: Institutional Capital Reshaping the Crypto Landscape, Mining Sector Showing Structural Shift

March 6th A report from 10x Research notes that institutional fund flows and corporate balance sheet adjustments are quietly reshaping the crypto-related stock market. Some crypto-focused stocks have benefited, posting gains, while others are gradually being marginalized. Meanwhile, the mining sector is undergoing internal structural shifts—a trend that could redefine investors’ outlook on the next phase of the crypto cycle. For individual stocks: - Bitdeer Technologies (BTDR) has shown mixed recent trends: Its share price has risen above the 7-day moving average (signaling a short-term bullish signal) but remains below the 30-day average, keeping the overall tone cautious. The stock is down roughly 6.9% over the past week. - Markets are digesting Bitdeer’s latest capital structure moves: a $375 million expanded convertible bond offering and a $43.7 million stock placement. While the financing creates clear equity dilution pressure, management says proceeds will fund accelerated transformation to high-performance computing (HPC) and AI infrastructure, easing some market concerns. - Bitdeer has fully depleted its Bitcoin reserves, selling the remaining 943 coins to raise funds for data center expansion. Operational positives include a 21% month-over-month jump in Bitcoin production and smooth deployment of SEALMINER A2 mining rigs. Other crypto-related stocks have diverged: Circle has rebounded by over 60%, while Coinbase has gained roughly 25%.