BTGO is down 31% since May 13. The borrow market is responding in kind.
Cost to borrow surged 121% in one week to 5.35%. That's the sharpest weekly move in at least a month, and it arrives as availability sits at 28.7% — meaning fewer than one share remains available for every three already borrowed. That's a tight lending pool by any measure, even if it has eased slightly from the extremes of May 19-20, when availability briefly compressed to 14.9%.
Yesterday's availability reading of 28.7% is up from the 14.9% seen two days earlier. But context matters. The 52-week low for availability hit 0.13% in mid-April — when the lending pool was effectively exhausted. Since then the pool has replenished in fits and starts, but availability has never sustainably recovered above 30%. The current level remains firmly in tight territory.
What changed this week is cost, not supply. CTB sat at 2.42% on May 14. It is now 5.35%. Lenders are extracting a higher premium even as marginal supply ticked up. That combination — rising cost alongside modest supply recovery — suggests fresh short demand is absorbing new inventory as fast as it arrives.
The put-call ratio on May 21 was 0.47, sitting 2.1 standard deviations above its 20-day mean of 0.35. That's the second consecutive day above 2 standard deviations. Demand for downside protection through the options market is running at multi-week highs, consistent with the tightening borrow signal.
The 52-week PCR high is 0.89, so the current reading is elevated but not at extremes. The direction, however, is unambiguous. The PCR was below 0.32 as recently as May 13 — the day of earnings. It has climbed every week since.
Several notable holders built new positions as of the March 31 filing date. Pantera Capital added 3.3 million shares from zero. Goldman Sachs filed 2.1 million shares, also a new position. Jump Trading reported 1.6 million shares. Tidal Investments and Andreessen Horowitz also initiated. The CEO, Michael Belshe, added 858,000 shares in March.
Those filings predate the May earnings slide. The stock closed around $9.82 when Belshe last transacted. It closed at $7.76 on May 21.
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