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BXBL heads into November earnings with a sharp month-long selloff, a borrowing market that has dramatically loosened, and options positioning that has swung to its most cautious reading of the past year.
The borrowing story is the most dramatic in the snapshot. Cost to borrow peaked above 665% in early September, an extreme level that reflected near-total depletion of lendable shares. That pressure has since unwound substantially: CTB now runs at 276%, and availability has climbed to 122% of short interest, roughly one share available for every one already lent out. A month ago availability was as tight as 6%, with barely one share free for every sixteen borrowed. The reversal is stark. Short interest has also fallen, down around 19% over the past month to approximately 488,000 shares, and the ORTEX short score has eased from 73 in late September to 69.6, still elevated in absolute terms but moving in the right direction for bulls.
Options positioning tells a different story. Put/call ratio has climbed to 1.16, the highest level in the past year and well above its 20-day average of 0.59. A z-score of 1.56 confirms this is not routine hedging. The shift is dramatic when set against the history: in early September the PCR was effectively zero, meaning almost no put protection was being bought at all. The market has moved from pure call speculation to net put demand in under six weeks, coinciding almost exactly with the stock's 25% drop over the past month to $3.28.
The ownership picture offers limited additional comfort. Paolo Tiramani, the co-CEO, holds a combined stake of well over 70% of shares through direct holdings and a family trust, data last reported in July 2026. Camac Partners holds just under 0.62% as of the same date. With so few institutional holders, the float is thin and the lending pool correspondingly small, which explains why CTB can spike so violently when short demand surges. The most recent disclosed insider trade on file is a September 2025 open-market sale of 6.25 million shares at $0.80 by Tiramani, a discretionary transaction (no 10b5-1 plan). No insider activity has been filed in the 90 days to the current snapshot date. One further disclosure note: a Schedule 13G filed by Galiano Tiramani in October 2025 shows a 26% passive stake, but that filing is now over a year old and should be treated as indicative rather than current.
The one earnings reaction on record shows the stock falling 3.8% on the day of the August 2026 print and 5.2% over the following five sessions. Next earnings are scheduled for November 12. With CTB still at 276% and the PCR at a year-high, the setup going into that print is more charged than it was heading into August, even as short interest has declined.
What to watch is whether the put/call ratio continues to build ahead of the November print, and whether the loosening in borrow availability holds or reverses if the stock stabilises near current levels.
See the live data behind this article on ORTEX.
Open BXBL on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
