---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41477637.md"
description: "$Echostar(SATS.US) acquired SpaceX equity in exchange for "selling spectrum." In 2025, it reached a spectrum transaction with SpaceX (AWS-4H block, approximately 65 MHz), with SpaceX paying a large amount of cash plus up to $11 billion worth of SpaceX stock. This deal significantly improved EchoStar's balance sheet and resulted in SpaceX holdings accounting for a very high proportion of $Echostar(SATS.US)'s market value. Since the rocket explosion incident at Blue Origin, the stock performance of space-related stocks has not been good, and we haven't looked at $Echostar(SATS.US)'s trading data for a while.$Echostar(SATS.US)'s overall implied volatility over the past two years (top-left chart). Although the stock price has recently pulled back, implied volatility remains high, and this elevated level is unlikely to come down before SpaceX's IPO. Comparing it with its historical record, the peaks of particularly high implied volatility do not correspond to stock price tops; in fact, they could even be starting points for a rally. From this perspective alone, it's positive.Volatility is still present, and stock price momentum remains.The top-right chart shows the recent trend of the Put/Call volatility spread. This result surprised me. We can see the volatility spread has entered a deeply negative range, and the current buying momentum for call options is extremely strong. Interestingly, even though the stock price has significantly declined, the bullish chasing momentum has become even stronger.The bottom-left chart separately plots the volatility of options. It's very clear that the strong SpaceX IPO narrative persists, and for all options expiring within the next month, the volatility of call options is significantly higher than that of put options. The bullish sentiment is very strong and confident; the bulls are ignoring the recent stock price decline.The bottom-right chart shows that in the last trading session, there was a significant scale of call option position unwinding. If the volatility spread continues to move more negative even as positions are unwound, I speculate that the dominant force behind this unwinding is the buyers. The sellers who originally sold the call options are taking profits and exiting early due to the recent significant stock price decline.In conclusion, although the $Echostar(SATS.US) trading landscape still has a strong component of the $SpaceX IPO narrative, even disregarding this event, $Echostar(SATS.US)'s trading is still dominated by call options."
datetime: "2026-06-04T11:56:01.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41477637.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41477637.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41477637.md)
author: "[CurryOption](https://longbridge.com/en/profiles/27650593.md)"
---

# $Echostar(SATS.US) acquired SpaceX equity in excha…


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## Comments (1)

- **三思又三思 · 2026-06-04T12:18:07.000Z**: Speaking of spectrum, ASTS seems to have a big advantage.