Shares of Bitdeer Technologies (NASDAQ: BTDR) fell 4% following a scathing short-seller report from Callisto Research, which flagged serious concerns around the bitcoin miner's financial transparency, governance, and valuation.

Key Allegations from Callisto Research

• Opaque revenue recognition: Questionable handling of crypto mining proceeds and undisclosed related-party transactions.

• Governance red flags: Founders' controversial track records—including Jihan Wu's tenure at Bitmain—and the hiring of an SEC-barred capital markets head.

• Negative cash flows: Net losses in both 2023 and 2024, with operating cash flow remaining in the red since its SPAC IPO.

For historical context on how Bitdeer's earnings have trended—and the stock's reaction to past quarters—you can review session-by-session surprises via the Earnings Historical API.

Financial Health Under Scrutiny

Callisto's report highlights persistent losses and a lack of clarity around asset valuations. To gauge Bitdeer's evolving credit profile and liquidity stance—especially crucial for capital-intensive crypto miners—investors can tap the Company Rating API for up-to-date debt metrics and rating outlooks.

What Investors Should Watch

1. Company response: Will Bitdeer issue counter-analysis or enhanced disclosures?

2. Regulatory probes: Could SEC or Chinese authorities investigate the highlighted governance issues?

3. Liquidity runway: With continued cash burn, how long can Bitdeer operate without capital infusions or asset sales?