BTC Development Stock Little Changed While Bitcoin Sells Off
BTC Development Corp. slipped 0.1% to $10.05 Thursday, showing little reaction as bitcoin tumbled and its crypto-related SPAC plans surfaced again. Volume was thin at 2,113 shares, with the stock stuck between $10.05 and $10.06. That’s important right now since BTC Development isn’t really a bitcoin operator. It’s a SPAC, or special purpose acquisition company, so it raises cash upfront and then hunts for a target. Its stock is still trading mostly like a classic SPAC, tracking its cash value instead of moving with crypto prices.