Following its April 22 surge, BTDR, the stock of the Singapore-based Bitdeer Technologies Group, was named No. 2 on Insider Monkey’s ranking of the best-performing stocks of the day. According to Insider Monkey, the stock was buoyed by a rallying bitcoin ( BTC) and reports that it had been offered up to $200 million in credit facility to finance its Bitcoin ASIC manufacturing efforts.

The performance of the stock, which has since stayed above $9.30, appears to ignore assertions and serious allegations of malpractices made by Callisto Research. In a report claiming to expose red flags relating to Bitdeer’s activities, Callisto Research authors cite the losses incurred by the Bitcoin miner in 2023 and 2024 as well as its negative operating cash flow among reasons they shorted BTDR.

As later posts on X suggest, the crux of Callisto Research’s gripe with Bitdeer relates to the latter’s alleged opaque handling of its revenues and its association with the cryptocurrency financial services platform Matrixport. Bitdeer Chairman and CEO Jihan Wu is also co-founder of Matrixport, which the report’s authors accuse of helping Bitdeer overstate its revenue figures.

The report also asserts that the Nasdaq-listed Bitdeer has not fully disclosed its relationship with Chinese entities or ties to companies on the U.S. Commerce Department’s entities list.

“Bitdeer’s leadership and investors have ties to entities on the U.S. Commerce Department’s Entity List, which may pose a long-term risk to Bitdeer’s relationships with Nvidia and TSMC, as well as to the future prospects of Bitdeer’s AI and mining equipment businesses. Likewise, we do not believe that Bitdeer’s exposure to China (particularly its imports from China to the US) will be an advantage to the company should the US maintain higher tariffs on Chinese goods,” the report argues.

After the report’s release, Wu issued a statement accusing the report’s authors of not being objective and driven by selfish desires. He also threatened to take legal action against the authors of the report.

“The report is based on an obviously predetermined stance, stitching together complex but unrelated facts and using absurd and misleading logic to construct a narrative aimed at manipulating market sentiment for the short-seller’s own gain. We remain focused on the company’s real business fundamentals and long-term value, and we reserve the right to pursue legal action to protect our reputation and the interests of our shareholders,” Wu wrote on X.

However, Wu’s threats of legal action seemingly failed to deter Callisto Research, which doubled down on its initial allegations in an April 23 post on X. Despite the controversy sparked by Callisto Research and its shorting of BDTR, the Money Insider report and some Bitdeer supporters on X remain upbeat about the company’s prospects.

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