I see a couple of problems with your assumptions and think you...

I see a couple of problems with your assumptions and think you need to pull back on all the negative comments.

SPT announced months ago that they had commenced a partnership with Mastercard and it was a contracted pilot for the next few years. If I remember right, up to five years with an upfront pilot period. Mastercard also had it's own 'pseudo-exit' clause in case.

SPT was also the first of its kind to announce that kind of partnership, hence the enormous spike in share price. I know. Because I had their shares at the time.

The problem I have with your complaint about smoke and mirrors, is that SPT has first mover advantage. Other BNPL's have jumped on board the Visa Mastercard partnership train, but AFTER SPT who negotiated the deal first.

See, herein lies the real gold - SPT has first mover advantage, a very uncommon thing in the BNPL market.

If they are working within those partnerships at the moment, (and they will be or they will have some explaining to do to the ASX and shareholders), they would never share their IP and findings gained during the first mover advantage period, prior to finalising the long term contract.

You would blurt it to the market to appease a few shareholders if you were stupid of course, but I imagine the CEO and exec team are not stupid. They have seemed pretty shrewd and fast-moving to me.

Not everything happens overnight and so far so good with sPT in my mind. The capital raise wasn't done without good reason either. So let's calm the farm and see what happens next. Those who sold were no doubt profit takers from the capital raise. But there were buyers standing by to buy too.

Happy to hold.