hey StonkGodCapital, long time fan.
A total of 8,452,042 Class A Ordinary Shares were presented for redemption in connection with the Business Combination. Redemption looks to have been 12-October. 42% of the shares redeemed.
EDGAR Filing Documents for 0001193125-21 298938(https://www.sec.gov/Archives/edgar/data/1820302/000119312521298938/0001193125-21-298938-index.htm)
Same. PSTH did me dirty. Maybe looking to make some back with this however
Thanks Tedro, I’m a long time fan as well.
Oh so this play is now, not November.
Circling back, the redemption rate is comparatively low to other plays we’ve had. ~10M shares left is not really an unusual setup unfortunately.
yeah, in chat I’ve been telling people I think we’ll see movement before halloween
Catching this topic up with what we determined in chat.
Current float is actually around 3M because of institutional ownership. Short interest is currently 233% as a result.
This is now trading as BAKKT correct?
BKKT without the A
…
TOS lists no options here, that must be an error? I certainly do have options pre merger
Generally options are available the day after or week after.
Is there a catalyst you’re expecting? Tom of OI on $10 and $12.5 strikes as well
None specifically exists at this moment. Just something to watch should it gain buying pressure.
Same here, but you can find the option chain using TDA’s site, not sure why ToS doesn’t show anything.
Really solid bear case and this is good information. I will say their bear case is revolved around fundamentals of the company and I’m keeping an eye on this strictly for the merger/SPAC play and the squeeze potential. Interesting that OP discloses they have $10 puts for February 2022.
IMO, rev don’t matter at this point, the only thing that matters from an FA is whether or not it gains traction (users and partners). there is a bear case, but it’s not a slam dunk as they are just starting to integrate and be more than a crypto platform. You can definitely argue, the chance of success does not have great odds (and i’d agree with that) It’s a tough space because of all the competition and some of the more established players, it will really require great execution
yep - agreed. We had some movement this morning but overall it’s definitely just sitting and waiting. I think if this trend continues to end of the week it may not happen. By Monday/Tuesday if we’re still down/sideways of $10 it’s most likely that it doesn’t happen.
This is just an update to some of the recent things happening with BKKT.
Q3 Earnings Date Announced
Bakkt to Report Third Quarter 2021 Results on November 12, 2021 before the market opens. Management will host a conference call to discuss the results at 10:00 a.m. ET.
The Options Chain Has Not Been Exciting
October 19
October 20
October 21
October 22
The Options Chain maintained OI through this downtrend but I was expecting to see the OI increase more.
My thoughts as of now
I’m still optimistic on the play. I was expecting more extended hours movement this week which hasn’t happened. $8.70 to $9.00 are significant resistant points right now. I really think BKKT needs to get to $9.41 and maintain $9.41 on Monday and I’d really like to see it get above $10 by Tuesday or Wednesday. If BKKT doesn’t get there I’m not so sure about the play.
Current positions
None
Final thoughts
It’s always important to keep your emotional attachment to ideas and stock plays in check. I’ve been watching VIH/BKKT for nearly 6 weeks now. I hope the play works out but if it doesn’t that is okay. There will always be another play. Take small positions and sell when you’re comfortable.
Currently holding 1000 shares at a $8.65 avg price and some $10/$12.50 10/19 calls atm.
I think this setup has potential with the current OI and relatively low float. The daily volume is still low, so hoping more volume/buying pressure comes in next week. Definitely not a high percentage play and wouldnt recommend putting a large % of your holdings though.
