Support.com (NASDAQ: SPRT) is hardly a household name, but for a brief moment in 2021, it became one of the most talked-about stocks on Wall Street. The company, which provides technical support services for platforms ranging from Windows and MacOS to Android and iOS, has spent much of its life operating quietly in the background of the tech world. It also offers software security solutions and has long promoted a homesourcing business model, relying on remote agents to serve both enterprise clients and retail customers.
Founded in 1997 under the name SupportSoft, the company went public in 2000 at the height of the dot-com boom. Over the years, it introduced products such as Nexus, TechSolutions, ExpertAnywhere, and HomeSourcing Cloud, all designed to expand its footprint in digital support. Yet despite these efforts, SPRT’s stock chart has mostly told the story of a company in decline, with shares sliding steadily from the highs reached in the early 2000s.
That long narrative shifted dramatically in 2021. Over a six-month span, SPRT shares surged more than 1,000 percent, transforming an otherwise overlooked microcap into a headline-grabber. The obvious question for investors is: what changed, and is there still potential left in the stock?
How Reddit Fueled a Short Squeeze in SPRT
In early August 2021, Support.com suddenly caught fire on Reddit’s WallStreetBets, the same online community that had already propelled GameStop and AMC into trading history. Users on the forum pointed out that SPRT had one of the highest short interests in the market. Roughly 60 percent of its available float was sold short, an extraordinary figure compared with the market average of about 5 percent.
That imbalance made SPRT the perfect candidate for a short squeeze. Once retail traders began aggressively buying shares, short sellers were forced to cover their positions by buying back stock at higher prices, which only added fuel to the rally. The stock skyrocketed, peaking at $43.20 before pulling back to around $24.10. Even after the correction, shares were still trading far above pre-squeeze levels.
For retail investors involved in the frenzy, SPRT was not just another stock. It was a battleground, an opportunity to squeeze institutional investors and turn the tables on Wall Street. Yet beyond the fireworks of a short squeeze, the company’s actual fundamentals and future prospects remained murky.
The Reverse Merger With Greenidge
Adding to the speculative excitement was news of a reverse merger between Support.com and privately held Greenidge Generation Holdings, a company positioning itself as a carbon-neutral cryptocurrency mining and power generation firm in the United States.
Greenidge operates natural gas-powered facilities that generate electricity both for the grid and for its own cryptocurrency mining operations. By purchasing carbon offsets, the company claims to operate as a 100 percent carbon-neutral platform. Given the growing scrutiny around the environmental impact of Bitcoin mining, Greenidge’s “green crypto” branding was seen as a potential differentiator.
For Support.com, the merger offered a dramatic pivot. Instead of remaining a modest technical support provider, SPRT would effectively transform into a cryptocurrency and clean-energy play. That narrative helped capture investor interest, especially as digital assets dominated financial headlines throughout 2021.
The company scheduled a shareholder vote for September 10, 2021, to approve the merger. For many retail traders, the outcome of that meeting loomed large in determining whether SPRT could sustain its momentum.
For some, SPRT was an opportunity to ride a historic short squeeze. For others, it was a chance to speculate on the intersection of clean energy and cryptocurrency. But for cautious investors, the stock’s rapid rise also served as a reminder that momentum-driven rallies rarely last forever.
