Callisto Research is a new financial research group specialising in deep-dive, global investigations based on public sources.Our primary focus is on identifying potential disclosure and compliance failures by publicly listed companies. We are ardent believers in the importance of holding bad actors publicly accountable.We encourage readers of our work to be just as skeptical as we are and to do their own research.
TERMS OF USE – PLEASE REVIEW CAREFULLY IN CONJUNCTION WITH OUR RESEARCH REPORTS AND SUPPORTING MATERIALS:
By accessing or using this website or any materials originating from it, you agree to be bound by these Terms of Use as published by Callisto Research. If you do not agree to these Terms of Use, you must not access or use this Site. Our reports and all statements contained on our website are our opinions and are not statements of fact. Our research is based on generally available information, field research, inferences and deductions through our due diligence and analytical process. Our reports are based on generally available information, field research, inferences and deductions through our due diligence and analytical process. Our opinions are held in good faith, and we have based them upon publicly available and readily observable matter facts and evidence collected and analyzed including our understanding of representations made by the management of the companies we analyze, all of which we set out in our research report to support our opinions. HOWEVER, THEY REMAIN OUR OPINIONS AND BELIEFS ONLY. We conducted research and analysis based on generally available public information in a manner than any person could have done if they had been interested in doing so. You can publicly access any piece of evidence cited in our reports or that we relied on to write our reports. We make no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. We are entitled to our opinions and to the right to express such opinions in a public forum. We believe that the publication of our opinions and the underlying facts about the public companies we research is in the public interest, and that publication is justified due to the fact that public investors and the market are connected in a common interest in the true value and share price of the public companies we research. All expressions of opinion are subject to change without notice, and we do not undertake a duty to update or supplement our reports or any of the information contained herein. Recipients of our research reports should exercise their own judgment in connection with any trading of securities mentioned. Recipients of our reports disclaim any reliance on our reports in connection with any trading they may engage in with regard to any securities mentioned. By reviewing our reports, you represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion reflected in our reports. You further agree that you will not communicate the contents of reports and other materials on this site to any other person unless that person has agreed to be bound by the Terms of Use on our website. If you access our website, download or receive the contents of reports or other materials on our website on your own behalf, you agree to and shall be bound by these Terms of Use. If you access our website, download or receive the contents of reports or other materials on this website as an agent for any other person, you are binding your principal to these same Terms of Use. AS OF THE PUBLICATION DATE OF THE REPORTS ON THIS WEBSITE, WE (POSSIBLY ALONG WITH OR THROUGH OUR MEMBERS, PARTNERS, AFFILIATES, EMPLOYEES, AND/OR CONSULTANTS) ALONG WITH OUR CLIENTS AND/OR INVESTORS HAVE A DIRECT OR INDIRECT SHORT POSITION IN THE STOCK (AND/OR OPTIONS, SWAPS, AND OTHER DERIVATIVES RELATED TO ONE OR MORE OF THESE SECURITIES) OF THE COMPANY COVERED HEREIN, AND THEREFORE STAND TO REALIZE SIGNIFICANT GAINS IN THE EVENT THAT THE PRICE OF BTDR’S STOCK DECLINES. THEREFORE, USE OUR RESEARCH AT YOUR OWN RISK. YOU SHOULD DO YOUR OWN RESEARCH AND DUE DILIGENCE BEFORE MAKING ANY INVESTMENT DECISION WITH RESPECT TO THE SECURITIES COVERED HEREIN. THE OPINIONS EXPRESSED IN OUR REPORTS ARE NOT INVESTMENT ADVICE NOR SHOULD THEY BE CONSTRUED AS INVESTMENT ADVICE OR ANY RECOMMENDATION OF ANY KIND. FOLLOWING PUBLICATION OF OUR MATERIALS, WE MAY CONTINUE TRANSACTING IN THE SECURITIES COVERED THEREIN, AND WE MAY BE LONG, SHORT, OR NEUTRAL AT ANY TIME HEREAFTER REGARDLESS OF OUR INITIAL OPINION. To the best of our ability and belief, all information contained in our reports is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. Note that companies mentioned in our reports and their insiders, agents, and legal representatives, as well as other entities mentioned herein, may be in possession of material non-public information that may be relevant to the matters discussed herein. Do not presume that any person or company mentioned herein has reviewed our reports prior to their publication. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. By downloading and opening any materials from this website you knowingly and independently agree: (i) that any dispute arising from your use of our website or viewing the material herein shall be governed by the laws of the State of New York, without regard to any conflict of law provisions; (ii) to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law; and (iii) that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred. The failure of us to exercise or enforce any right or provision of this disclaimer shall not constitute a waiver of this right or provision. If any provision of this disclaimer is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision and rule that the other provisions of this disclaimer remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing a link to our website. If you have obtained research published by us in any manner other than by download from that link, you may not read such research without going to that link and agreeing to the Terms of Use on our designated website.Latest research- BTDR
BITDEER-RED FLAGS ON TOP OF A BLACK BOX- April 16, 2025
We are short BTDR, based on a multi-month investigation in which we believe we have identified multiple serious disclosure and governance failures. Absent a radical transformation in transparency, we believe that BTDR is uninvestable.Use of our materials is limited by the below Terms of Use. Please read these carefully before continuing.
Our reports and all statements contained on our website are our opinions and are not statements of fact.
Reports are based on generally available information, field research, inferences and deductions through our due diligence and analytical process.
Our opinions are held in good faith, and we have based them upon publicly available and readily observable matter facts and evidence collected and analyzed including our understanding of representations made by the management of the companies we analyze, all of which we set out in our research report to support our opinions. HOWEVER, THEY REMAIN OUR OPINIONS AND BELIEFS ONLY.
We conducted research and analysis based on generally available public information in a manner than any person could have done if they had been interested in doing so. You can publicly access any piece of evidence cited in this report or that we relied on to write this report.
We make no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use.
We are entitled to our opinions and to the right to express such opinions in a public forum. We believe that the publication of our opinions and the underlying facts about the public companies we research is in the public interest, and that publication is justified due to the fact that public investors and the market are connected in a common interest in the true value and share price of the public companies we research. All expressions of opinion are subject to change without notice, and we do not undertake a duty to update or supplement this report or any of the information contained herein.
Recipients of our research reports should exercise their own judgment in connection with any trading of securities mentioned. Recipients of this report disclaim any reliance on this report in connection with any trading they may engage in with regard to any securities mentioned. By reviewing this report, you represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion reflected in this report.
You further agree that you will not communicate the contents of reports and other materials on this site to any other person unless that person has agreed to be bound by the Terms of Use on our website. If you access our website, download or receive the contents of reports or other materials on our website on your own behalf, you agree to and shall be bound by these Terms of Use. If you access our website, download or receive the contents of reports or other materials on this website as an agent for any other person, you are binding your principal to these same Terms of Use.
AS OF THE PUBLICATION DATE OF THE REPORTS ON THIS WEBSITE...
We (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors have a direct or indirect short position in the stock (and/or options, swaps, and other derivatives related to one or more of these securities) of the companies covered herein, and therefore stand to realize significant gains in the event that the price of their stock declines. Therefore, use our research at your own risk. You should do your own research and due diligence before making any investment decision with respect to the securities covered herein. The opinions expressed in our reports are not investment advice nor should they be construed as investment advice or any recommendation of any kind. Following publication of this report, we may continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial opinion.
To the best of our ability and belief, all information contained in our reports is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. Note that companies mentioned in our reports and their insiders, agents, and legal representatives, as well as other entities mentioned herein, may be in possession of material non-public information that may be relevant to the matters discussed herein. Do not presume that any person or company mentioned herein has reviewed our report prior to its publication.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.
By downloading and opening any materials from this website you knowingly and independently agree: (i) that any dispute arising from your use of this report or viewing the material herein shall be governed by the laws of the State of New York, without regard to any conflict of law provisions; (ii) to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law; and (iii) that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred. The failure of us to exercise or enforce any right or provision of this disclaimer shall not constitute a waiver of this right or provision. If any provision of this disclaimer is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision and rule that the other provisions of this disclaimer remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing a link to our website. If you have obtained research published by us in any manner other than by download from that link, you may not read such research without going to that link and agreeing to the Terms of Use on our designated website.
BITDEER-QUESTIONS WE THINK BITDEER WON'T ANSWER April 17, 2025
This morning, April 17th, at around 9AM Singapore time, Jihan Wu released a response to our report on X, accusing us of using “absurd and misleading logic” and made a thinly veiled threat to sue us. Unsurprisingly, the response did not actually address a single one of our findings. We believe that Bitdeer has an opportunity to set the record straight on the issues raised by our report by providing fulsome answers to the following questions.Use of our materials is limited by the below Terms of Use. Please read these carefully before continuing.
Our reports and all statements contained on our website are our opinions and are not statements of fact.
Reports are based on generally available information, field research, inferences and deductions through our due diligence and analytical process.
Our opinions are held in good faith, and we have based them upon publicly available and readily observable matter facts and evidence collected and analyzed including our understanding of representations made by the management of the companies we analyze, all of which we set out in our research report to support our opinions. HOWEVER, THEY REMAIN OUR OPINIONS AND BELIEFS ONLY.
We conducted research and analysis based on generally available public information in a manner than any person could have done if they had been interested in doing so. You can publicly access any piece of evidence cited in this report or that we relied on to write this report.
We make no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use.
We are entitled to our opinions and to the right to express such opinions in a public forum. We believe that the publication of our opinions and the underlying facts about the public companies we research is in the public interest, and that publication is justified due to the fact that public investors and the market are connected in a common interest in the true value and share price of the public companies we research. All expressions of opinion are subject to change without notice, and we do not undertake a duty to update or supplement this report or any of the information contained herein.
Recipients of our research reports should exercise their own judgment in connection with any trading of securities mentioned. Recipients of this report disclaim any reliance on this report in connection with any trading they may engage in with regard to any securities mentioned. By reviewing this report, you represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion reflected in this report.
You further agree that you will not communicate the contents of reports and other materials on this site to any other person unless that person has agreed to be bound by the Terms of Use on our website. If you access our website, download or receive the contents of reports or other materials on our website on your own behalf, you agree to and shall be bound by these Terms of Use. If you access our website, download or receive the contents of reports or other materials on this website as an agent for any other person, you are binding your principal to these same Terms of Use.
AS OF THE PUBLICATION DATE OF THE REPORTS ON THIS WEBSITE...
We (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors have a direct or indirect short position in the stock (and/or options, swaps, and other derivatives related to one or more of these securities) of the companies covered herein, and therefore stand to realize significant gains in the event that the price of their stock declines. Therefore, use our research at your own risk. You should do your own research and due diligence before making any investment decision with respect to the securities covered herein. The opinions expressed in our reports are not investment advice nor should they be construed as investment advice or any recommendation of any kind. Following publication of this report, we may continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial opinion.
To the best of our ability and belief, all information contained in our reports is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. Note that companies mentioned in our reports and their insiders, agents, and legal representatives, as well as other entities mentioned herein, may be in possession of material non-public information that may be relevant to the matters discussed herein. Do not presume that any person or company mentioned herein has reviewed our report prior to its publication.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.
By downloading and opening any materials from this website you knowingly and independently agree: (i) that any dispute arising from your use of this report or viewing the material herein shall be governed by the laws of the State of New York, without regard to any conflict of law provisions; (ii) to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law; and (iii) that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred. The failure of us to exercise or enforce any right or provision of this disclaimer shall not constitute a waiver of this right or provision. If any provision of this disclaimer is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision and rule that the other provisions of this disclaimer remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing a link to our website. If you have obtained research published by us in any manner other than by download from that link, you may not read such research without going to that link and agreeing to the Terms of Use on our designated website.
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CALLISTO RESEARCH: TERMS OF USE
By accessing or using this website or any materials originating from it, you agree to be bound by these Terms of Use as published by Callisto Research. If you do not agree to these Terms of Use, you must not access or use this Site.Our reports and all statements contained on our website are our opinions and are not statements of fact.
Our research is based on generally available information, field research, inferences and deductions through our due diligence and analytical process.
Our reports are based on generally available information, field research, inferences and deductions through our due diligence and analytical process.
Our opinions are held in good faith, and we have based them upon publicly available and readily observable matter facts and evidence collected and analyzed including our understanding of representations made by the management of the companies we analyze, all of which we set out in our research report to support our opinions. HOWEVER, THEY REMAIN OUR OPINIONS AND BELIEFS ONLY.
We conducted research and analysis based on generally available public information in a manner than any person could have done if they had been interested in doing so. You can publicly access any piece of evidence cited in our reports or that we relied on to write our reports.
We make no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use.
We are entitled to our opinions and to the right to express such opinions in a public forum. We believe that the publication of our opinions and the underlying facts about the public companies we research is in the public interest, and that publication is justified due to the fact that public investors and the market are connected in a common interest in the true value and share price of the public companies we research. All expressions of opinion are subject to change without notice, and we do not undertake a duty to update or supplement our reports or any of the information contained herein.
Recipients of our research reports should exercise their own judgment in connection with any trading of securities mentioned. Recipients of our reports disclaim any reliance on our reports in connection with any trading they may engage in with regard to any securities mentioned. By reviewing our reports, you represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion reflected in our reports.
You further agree that you will not communicate the contents of reports and other materials on this site to any other person unless that person has agreed to be bound by the Terms of Use on our website. If you access our website, download or receive the contents of reports or other materials on our website on your own behalf, you agree to and shall be bound by these Terms of Use. If you access our website, download or receive the contents of reports or other materials on this website as an agent for any other person, you are binding your principal to these same Terms of Use.
AS OF THE PUBLICATION DATE OF THE REPORTS ON THIS WEBSITE, WE (POSSIBLY ALONG WITH OR THROUGH OUR MEMBERS, PARTNERS, AFFILIATES, EMPLOYEES, AND/OR CONSULTANTS) ALONG WITH OUR CLIENTS AND/OR INVESTORS HAVE A DIRECT OR INDIRECT SHORT POSITION IN THE STOCK (AND/OR OPTIONS, SWAPS, AND OTHER DERIVATIVES RELATED TO ONE OR MORE OF THESE SECURITIES) OF THE COMPANY COVERED HEREIN, AND THEREFORE STAND TO REALIZE SIGNIFICANT GAINS IN THE EVENT THAT THE PRICE OF BTDR’S STOCK DECLINES. THEREFORE, USE OUR RESEARCH AT YOUR OWN RISK. YOU SHOULD DO YOUR OWN RESEARCH AND DUE DILIGENCE BEFORE MAKING ANY INVESTMENT DECISION WITH RESPECT TO THE SECURITIES COVERED HEREIN. THE OPINIONS EXPRESSED IN OUR REPORTS ARE NOT INVESTMENT ADVICE NOR SHOULD THEY BE CONSTRUED AS INVESTMENT ADVICE OR ANY RECOMMENDATION OF ANY KIND. FOLLOWING PUBLICATION OF OUR MATERIALS, WE MAY CONTINUE TRANSACTING IN THE SECURITIES COVERED THEREIN, AND WE MAY BE LONG, SHORT, OR NEUTRAL AT ANY TIME HEREAFTER REGARDLESS OF OUR INITIAL OPINION.
To the best of our ability and belief, all information contained in our reports is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. Note that companies mentioned in our reports and their insiders, agents, and legal representatives, as well as other entities mentioned herein, may be in possession of material non-public information that may be relevant to the matters discussed herein. Do not presume that any person or company mentioned herein has reviewed our reports prior to their publication.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.
By downloading and opening any materials from this website you knowingly and independently agree: (i) that any dispute arising from your use of our website or viewing the material herein shall be governed by the laws of the State of New York, without regard to any conflict of law provisions; (ii) to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law; and (iii) that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred. The failure of us to exercise or enforce any right or provision of this disclaimer shall not constitute a waiver of this right or provision. If any provision of this disclaimer is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision and rule that the other provisions of this disclaimer remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing a link to our website. If you have obtained research published by us in any manner other than by download from that link, you may not read such research without going to that link and agreeing to the Terms of Use on our designated website.