My understanding is his play is something like:

1. Purchase a block of shares.

2. See if the block gets internalized by market makers (i.e. no price movement upwards)

3. If block is internalized, the order hasn't hit the market and market makers are using T+35 to fail to deliver. This creates opportunity because DFV has info that X shares must hit the market in T+35. To exploit this opportunity, DFV buys calls at multiple strikes that expire on or before T+35. These options are priced at a discount because market makers have fraudulently hidden his purchase.

4. Call purchase interest + shares needing to be found by for market makers creates upward momentum. The lowest strikes on the chain go in the money and he can then either exercise or sell to get more capital to feed the play before T+35. If FOMO hits then things really get wild.

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The info that RK left us with is that he apparently bought shares rather than exercised calls on his latest YOLO update (if what is being said about how ETrade shows position value is true--I don't have ETrade so I cannot confirm).

So that would have kicked off another T+35 (assuming they internalized again). But we have GME's offerings so maybe hedgies won't have to commit fraud this cycle?

I'm skeptical that there is a life-changing play here, but rather that DFV has documented his play so that we can try to trade a long GME interest to better effect.

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For reference.

https://www.law.cornell.edu/cfr/text/17/242.204

(2) If a participant of a registered clearing agency has a fail to deliver position at a registered clearing agency in any equity security resulting from a sale of a security that a person is deemed to own pursuant to § 242.200 and that such person intends to deliver as soon as all restrictions on delivery have been removed, the participant shall, by no later than the begining of regular trading hours on the thirty-fifth consecutive calendar day following the trade date for the transaction, immediately close out the fail to deliver position by purchasing securities of like kind and quantity; or

(3) If a participant of a registered clearing agency has a fail to deliver position at a registered clearing agency in any equity security that is attributable to bona fide market making activities by a registered market maker, options market maker, or other market maker obligated to quote in the over-the-counter market, the participant shall by no later than the beginning of regular trading hours on the third consecutive settlement day following the settlement date, immediately close out the fail to deliver position by purchasing or borrowing securities of like kind and quantity.