$BKKT
Bakkt Holdings9/10Does he own it?
He explicitly and repeatedly states he holds zero positions, describing himself as a spectator. BKKT is cited solely as a cautionary example of retail capital destruction, never as a holding. No first-person buying, sizing, or long disclosure anywhere.
His thesis
He views Bakkt as one of the worst, most retail-destructive names in the market: a serial dilution machine that repeatedly issues large ATM offerings and stock-based comp to enrich executives while wiping out retail equity (stock down roughly from the $40s to single digits, around 99% from original value). He ties it to the same management/board figures behind ASST and IREN, framing all as toxic financing structures investors should avoid.
How his view evolved
Began with a detailed teardown after a 300M ATM, then reused BKKT as the go-to cautionary precedent across later posts attacking IREN, ASST, and SLNH dilution. Stance stayed consistently bearish and skeptical throughout.
Key points
- Repeatedly states zero positions; cites BKKT only as a cautionary example
- Core criticism: serial ATM dilution plus executive SBC transfers wealth from retail
- Groups it with ASST, IREN, SLNH as toxic-financing names sharing management/board figures
Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $BKKT on X ↗