Advertisement
After SPRT was bought by GREE the price of the SPRT fell from 20 to close 10.99 . A whopping $400 million market value was wiped off within 6 hours of trading.
As many traders scrambled around to what happened. apparently, the stock has been targeted and manipulated by the short-sellers. from $50 to 6$ current valution after merging short sellers has gained over $1B in profit. But because of the merging, the short sellers have moved from SPRT to GREE. with their short positions and days to cover.
Advertisement
There’s been a surge of short squeeze in the Social media. Famous reddit group wallstreetbets are also making a noise on a possible short squeeze in the couple of days. It’s noted that SPRT stocks only account for 7% of the GREE market cap. as GREE is also a bitcoin mining company it’s valuation depends on the bitcoin whose’s price skyrocketed from $100 to $60,000 in 6 years.
Given that terms GREE is currently trading at $45-50 losing 50% of it’s value after merging on 9/15/2021. the bitcoin stock has an upside of 100%
Advertisement
