Jane Street’s Passive Stake in Opendoor Fuels Meme Stock Rally
Opendoor Technologies (OPEN) surged 10.3% after Jane Street Capital disclosed a 5.9% passive stake in the real estate disruptor. The quantitative trading firm's 44 million-share position signals institutional curiosity, though its market-making role leaves motives ambiguous—potentially hedging derivatives exposure rather than endorsing fundamentals.
The stock's rebound from penny territory gains credibility with new leadership under CEO Kaz Nejatian. Meme traders amplify volatility, but Wall Street's quiet participation suggests deeper liquidity forming. Proprietary shops like Jane Street rarely take directional bets without layered strategies.