Key Highlights

  • The GraniteShares 2x Long BTDR Daily ETF (NASDAQ:BTDL) trades at USD 14.50 after a 0.21 percent daily gain, but it lost 31.38 percent on the week and is down 44.04 percent since its July launch.
  • The underlying Bitdeer Technologies Group (NASDAQ:BTDR) fell 5.3 percent to USD 11.51 on September 25 and another 4.2 percent to USD 11.03 on September 28, against a 52-week range of USD 6.92 to USD 27.80.
  • Bitcoin hovered near USD 84,187 against a JPMorgan-estimated Mining cost of about USD 85,000, while Bitdeer sold 288.4 Bitcoin in the week and held none.
  • The fund seeks twice the daily return of the stock through swaps, charges 1.50 percent and warns holders can lose their full principal in a single day.

Inside the GraniteShares 2x Long BTDR Daily ETF (NASDAQ:BTDL)

The GraniteShares 2x Long BTDR Daily ETF (NASDAQ:BTDL) is issued by GraniteShares and began trading in mid-July 2026, with data providers giving July 13 or July 14. It lists on Nasdaq and charges a 1.50 percent net expense ratio. Assets were about USD 1 million to USD 4.3 million depending on the page. Its objective is 200 percent of the daily percentage change of Bitdeer Technologies Group (NASDAQ:BTDR), delivered through total-return swaps. GraniteShares rates it in its highest risk category and says a holder could lose full principal within a day. Being under three months old, its 3-month, 6-month and all-time figures all read 44.04 percent. No reverse split appears in the data reviewed.

Why Bitdeer Technologies Group (NASDAQ:BTDR) Sold Off

Bitdeer Technologies Group (NASDAQ:BTDR) is a Bitcoin Mining company offering hash rate sharing and hosting and developing SEALMINER ASIC mining machines. It is unprofitable, with a quarterly loss of USD 0.37 per share, and was valued near USD 2.64 billion. This week, bitcoin briefly rose above USD 85,000 for the first time in 280 days, then slipped to a range of USD 82,800 to USD 85,200, near the level JPMorgan calls a soft floor for mining economics. Ten-year yields of 5.18 percent, 30-year yields at a 2004 high of 5.474 percent and a reported Bitget exchange breach of about USD 352 million added to risk aversion. No company-specific announcement explaining the drop was found.

Beta, Decay and What a 2x Fund Multiplies

Bitdeer Technologies Group (NASDAQ:BTDR) has a Beta of 2.51, so doubling it multiplies an already amplified exposure to bitcoin. Decay adds a second layer: a stock that rises 10 percent then falls 10 percent finishes 1 percent lower, while a 2x daily fund goes from 1.00 to 1.20 to 0.96, down 4 percent. Analysts rate the underlying 12 buy and 3 hold with a USD 24.00 average target, and the CFO bought 25,000 shares at USD 9.04 on August 12.

Where Things Stand

Whether the GraniteShares 2x Long BTDR Daily ETF (NASDAQ:BTDL) can survive a test of bitcoin's mining cost depends on the path of Bitdeer Technologies Group (NASDAQ:BTDR) and on how long the holder stays. The fund is only weeks old, has lost 44.04 percent, and is small. The underlying trades at USD 11.03 versus an analyst average of USD 24.00, but it is loss-making and sensitive to bitcoin and yields. Institutions treat such 2x funds as tactical tools. This is not a recommendation.