thank you to everyone joining me today on the short squeeze channel in today's
video we're going to be covering bkkt revisiting bakkt backed bkkt
and see what's going on with this play a lot of interesting things happening although the
price is getting beat down pretty badly so let's take a look at the numbers very briefly
and i wanted to show you this there are 50 million shares outstanding and about a quarter
of this is held by insiders and 76 percent or three quarters is held by institutions
which doesn't leave much for retail does it now according to yahoo there are 13.52 million
shares short so do remember this okay remember this number 13.52 share short the short percentage
which is uh of the shares outstanding according to yahoo again is 27 so let's remember that now
let's take a look at the news recently what's been going on they reported their third quarter results
which was generally positive they have a lot of positive news also the ceo gavin
michael made some announcements they had the merger close formerly vpc impact acquisition
which i brought to you two months ago so you could have held back when it was an s pack and
made a huge profit on that i actually had a short squeeze insider report exclusively to subscribers
and um that was two months ago but anyway they had the mastercard partnership which
sent the shares soaring north of 50 bucks the f-i-s-e-r-v partnership
addressable market so a lot of positive news as you can see and the third quarter
results as far as earnings are concerned the net revenue increased 38 to 9.1 million
compared to 6.6 million in the third quarter of last year huge obviously they're growing
starting to do business so their operating expenses also increased so these are the numbers
so for those of you who don't know backed is a trusted digital asset platform that enables
consumers to buy sell store and spend digital assets or crypto bax platform now available
through the backed app and to partners etc etc etc feel free to pause and read this but the big
thing is they also allow institutional purchases and trading of crypto so that's the big thing
now let's go ahead and take a look at the chart over here this was their recent big
big move back on october 22nd went from about ten dollars post merger and it soared to 5670
or 5684 as you can see after the mastercard partnership announcement
and that was in a matter of three days and obviously there was profit taking and shorting
and it took us down back to twenty dollars which gives us our support right here our
current support level the blue line and then made its way back up to thirty two dollars bounced
around and this is a strong resistance level as you can see twenty five dollar mark because it
bounced off this and went back up to close to 50 dollars again before shooting back up to 50
and then back down 35 consolidating consolidating and now the volume has significantly dropped off
and found finding ourselves in the 25 range and then basically bleeding out a slow death
here to 22 dollars where we currently sit so this resistance line at the bottom of this
um descending triangle the twenty dollar mark we're going to keep an eye on this
and we are currently in a descending channel over here so we'll keep an eye on this as well
so this is what's going on with the chart obviously there's little volume and we're
to need volume to pick up but i do anticipate that this 20 support level will give us a bounce
and the volume coming back in again a lot of institutional ownership here insider ownership
and that's for a reason so this is compelling now the story gets
more interesting if we look at finvis and remember the yahoo short interest information
if we look at finbis bkkt is currently number four as far as the short interest
institutional ownership 71 percent so this is consistent with yahoo's information
insider ownership 25 percent again consistent with yahoo's information however the percent of
the float that's short is 84.82 percent according to finvis 84.82 of the float is short so this is
what i wanted you to see right and this is the reason why the stock has been beat down so much
now if we briefly go back to the chart if you see a game like this this dramatic right
it's going to compel people to short the stock in huge numbers so this lends credence to finn
viz's 85 uh number right with this dramatic of a move and again another one a second one people
are going to be compelled to short it this heavily so it lends credence again i believe finn visits
statistic more so than i would yahoos because of the dramatic nature and violent nature of uh
bkkt's moves so with that being said this is a very compelling play obviously it's very risky
right but at the current numbers that we're at there is a possibility of a short squeeze if
these numbers are accurate so let's go ahead and take a look at the or text numbers utilization
pretty much 100 as you can see cost to borrow look at this over
400 percent so again this lends credence to finn viz's number more so the yahoo's number
it's costing people a lot to borrow which shows you the availability and the demand
for the shares shares on loan 8.06 million percent of the free float on loan 21.63 estimated short
interest 31 according to or tech so they're more in line with yahoo's numbers and again
this is exchange reported short interest this data does lag one to three days so do take it with a
grain of salt so we have contradicting uh numbers here 84.82 percent let's look at the iboro desk
let's see what they have to say about bkkt backed holdings only 200 shares available and the borrow
fee at 452 so consistent with what or text is showing so that's the story here that's what i
wanted to bring you today this is pretty dramatic pretty compelling full disclosure i am holding
shares and options because of this information but i am not a financial advisor and do not make
any financial plays or trades based on what i am doing this is for informational and entertainment
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as you can see we have the 10 per month plan where you also get early access feel free to pause and
look at this information and as i like to do here are the fintel top 22 short squeeze score
stocks feel free to pause and analyze this information if you like so thanks for joining
me on this brief bkkt video and i will catch you guys tomorrow have a great day in the market
you