Bitcoin miners are more volatile than BTC itself, says top Bitcoin mining exec

Bitcoin mining stocks have often been treated as proxies for Bitcoin itself, and according to Jeff LaBerge, Head of Capital Markets and Strategic Initiatives at Bitdeer that perception isn’t going away anytime soon.

Speaking with Rob Nelson on Roundtable , LaBerge explained why many investors approach mining stocks differently from other equities, often opting for options or futures instead of traditional stock purchases.

“Bitcoin miners are typically looked at as a proxy for Bitcoin,” LaBerge said. “Now, we think they’ll start to detach a little bit more from that at times moving forward here. But at the end of the day, I think that’s how the market views us. So it is a leverage play on Bitcoin.”

Bitcoin’s volatility amplifies within mining stocks, making options an attractive strategy for traders seeking exposure without fully committing capital to long-term positions.

“Bitcoin is obviously a volatile asset, so Bitcoin miners are even more volatile,” he added. “That’s why you see a lot of people playing options with us—because really, options are a great way to capitalize on some of that volatility and maybe make a directional bet in the short term with a smaller capital outlay.”

Institutional investors taking a long-term view

LaBerge noted that institutional investors are beginning to take a different approach, evaluating companies like Bitdeer based on business fundamentals rather than Bitcoin’s daily price swings.

“There are others that look at these as long-term businesses, institutional investors that are looking at us and looking at our business model and really looking at the forward potential of our earnings and valuing us in that way,” he said.

Bitdeer, which has diversified into ASIC manufacturing and AI-driven computing, has also structured its capital offerings to attract a wider range of investors beyond pure equity buyers.

“We’ve issued convertible debt, so several ways for institutional and retail investors to really play Bitdeer stock,” LaBerge explained. “And we think the capital markets have really appreciated that over the past several months, and I think that’s been reflected in our performance.”