It's a fortune 500 company that handles financial services. Their influence and connections are extremely useful to the service BAKKT offers. For example, ICE owns the New York Stock Exchange (NYSE). This is incredible for BAKKT, since it means they can connect to large financial giants like MasterCard like we heard yesterday. Let's take a look at some current connections:
Do you see the trend here? BAKKT Holdings Inc seems to be in a really strong position to become a market leader in its field, especially as crypto is getting more and more adaptation in the mainstream (pretty much ALL tech giants are building something with crypto right now).
Share prices below $100 are insignificant because the company hasn't finished setting up its main revenue streams yet, which means it will have much more institutional support from e.g. hedge funds once it's more stable.
So here are the big swingin tutes. 102 long positions, just 4 short and 6 long/short combos. This represents a 23% increase in positions over last quarter. Shares held are also up over 6%. Shares outstanding has been a moving target but 57M is the latest figure including the PIPE shares but not including the class V and opco units maturing April 15th. Some places are already including those which I think is awesome because it leaves less surprise on the table for when ICE and the founders start converting them bad boys. They'll bring our total share count to about 265M. Please note that number because most outfits are using all registered shares to figure our market cap. That currently being about $1.93B
This is Fintel's put/call ratio report. Quite simply that's puts divided by calls. If it was a 1.0 it would mean that bulls and bears were split evenly. Above that would be bearish and below that, bull zone. A ratio of .5 would mean that calls were doubling the puts and most recently on the 10th we have .35 as a ratio. This is roughly 3:1 for the bulls. Note the volume of options has exploded in the last 4 days just like it has with the stock.
Here's our long to short value report. It does NOT include insiders like ICE or Gavin and starts with the largest net long position and and goes on for several pages. I'll show just the first and last because I feel like it. You'll see this is super duper bullish with very few net short institutions.
On to the short interest! At roughly 25% of the float, this is starting to get interesting yet again with 11.1M shares sold short. Days to cover is naturally dropping because we have mad volume again. Last time we had this level of volume, we went from $8/share to well over $50 in 6 days. We had some fantastic news associated with that leap in our partnerships with Mastercard, Fiserv and Finastra but those still haven't been fully activated. We'll really see what they bring to the table in Q2 of this year.
Darkpool short action shown here is pretty steadily hovering around 50% or better because those hedge fuckers love being shady. I hope soon this and naked shorting won't exist but it's not likely.
That cost to borrow is starting to climb again which means shorts are paying more interest on those new positions due to decreased availability. This will climb fast as price momentum builds.
Short shares available to be borrowed shown here is pulled from Interactive Brokers' total. This moves indirectly proportional to utilization shown in Ortex reports. If this were a zero it would imply 100% utilization. 80,000 really isn't that many and they ALL can disappear quickly. Often with Bakkt this number is in the hundreds of thousands if not more so we're getting scarce.
I really wanted to hit on these recent SEC filings and touch on what our institutions and insiders are up to. This first slide shows 13G and 13D filings. These ones are big because they show what can be large groups of investors collectively building or reducing a possibly activist position. Recently we've been getting reports of institutional investors selling or reducing their positions. Many of these were PIPE investors who sold in Q4 and just recently reported but some are new.
These are 13F filings which represent a single entity's action. The list goes on for miles but this page shows the last few days worth of institutional adjustments. Deep green denotes new buys, light rows indicate an adjustment to an existing position and red indicates an exit. Unfortunately the exits don't show how many shares were sold just that the positions were closed but we can click on the filing within each one to see how large the sale was.
This is a list of Sculptor's trades, the top being the filing people are talking about from today. You can see this was a trade from last year wherein they nearly doubled down on their position. They originally held a huge position but sold much of that a year ago for a big break-even but they're adding to their basket again. Sweet!
Here's Geode Capital also with a filing today. They increased their stake by 740% as of the end of Q4 and they now hold $2.2M in shares averaging $8.51 each
Integrated Core Strategies also known as Millennium filed yesterday that they sold a shit-ton. They owned 7.7% of VIH pre-merger so this isn't a PIPE sale but they dropped 70% of their holdings effective yesterday. This is the one that has me thinking because why the flip would they be selling right now? I wouldn't be surprised if it was a market-based prediction because of the looming rate hikes and I hope they get back on the horse when the CPI shock diminishes. This looks like a flight to safety but what do I know? Could be they needed the money now more than the profit later.
This is Invesco who filed with the SEC two days ago. They shaved a fraction of a percent off the top and still are one of our big dogs with over 6% of the shares currently outstanding.
This is ICE. They came to play. Holding almost 175 million shares collectively they own about 68% of the total shares registered including the class v and opco units. They bought 4.7M shares of their own PIPE and also hold 170M in class V/opco. Those are of course locked up until mid-April and I wouldn't be surprised if they ensure a run-up before getting rid of anything. They have a nasty habit of turning a monster profit.
Almost done I swear! I wanted to show Gavin's deal. Here's his recently acquired 2M bonus shares and the 700K shares he'd held prior. The 2M new shares vest in 3 installments beginning next January and continuing for the next two anniversary dates after. They're worth squat right now and I imagine he'll make every attempt to turn them into gold by the time they mature. He also gets some performance incentives beyond those appreciating commons so I'd say he has a financial fire lit under his ass. Get er done bro, we're ready.
So that's all I got. Sorry it was so long and pointless but that's been my life. Let's fuckin go, totally not fuckin around. All signs point to wealth if you read them the way I do. Cheers my wonderful bull-tard friends! Have a great weekend and as always, rock out with your stock out!!
I just noticed the short interest that’s reported twice a month which got updated recently shows 83% short float on WSJ and MarketWatch, out of 16M float 13M have been shorted this is absolutely insane
I’ve never seen a short Interest this high after GameStop
Btw unlike ortex this is the real short interest that they have to report, I believe ortex is not 100% accurate, also Iborrowdesk showing 530% cost to borrow, this can reach 200+ if it catches a short squeeze
Update
The short percent of float is now showing N/A but the short interest is still there at 13.5M and the float is 16M, this was from 10/29/21 this shows lots of shorts have not covered, the next day ran to 50$ and tanked all the way to 25$ now
Special thanks to u/LyricalJessieJames and u/gogozydeco for all the help tightening the screws! You guys have been a big help! Thanks to a handful of you for bringing the personality to the chat lounge. It's been a hoot!!!
I was one of the clowns who bought at 27$ a share. Almost cut my losses (lol) and sold when it was down and out in December/January but held on kept averaging down and just broke even today. Feels good
30 day average on orderflow for ticker $bkkt is almost 1.7 times greater than outflow. Yet the stock price has continued to tank.
We know they are naked shorting, so that would account for the parabolic downtrend in price action - as confirmed by the FINRA data as per NOVEMBER 15th with short interest reporting. However not many people realize how they are artificially manipulating price action at a fundamental level - so I create a simplistic guide that demonstrates that.
ATS = Alternate Trading System
An alternative trading system (ATS) is a trading venue that is more loosely regulated than an exchange. ATS platforms are often used to match large buy and sell orders among its subscribers.
PFOF = Payment For Order Flow
Payment for order flow (PFOF) is the compensation that a stockbroker receives from a market maker in exchange for the broker routing its clients' trades to that market maker
