GameStop

Reddit

The GameStop (GME) stock price surged over 19% in overnight trading after Keith Gill, known as “Roaring Kitty,” posted to Reddit that he’s holding $181.4 million worth of GME stock and call options.&nbsp;
Gill, the trader widely <a href="https://cointelegraph.com/news/robinhood-melvin-and-citadel-execs-expected-to-testify-on-gamestop-before-congress">cited as a major influence</a><a href="https://cointelegraph.com/news/robinhood-melvin-and-citadel-execs-expected-to-testify-on-gamestop-before-congress"></a> on the 2021 GME <a href="https://cointelegraph.com/explained/long-and-short-positions-explained">short squeeze</a>, posted to Reddit on his “DeepFuckingValue” <a href="https://www.reddit.com/r/Superstonk/comments/1d6r5vp/gme_yolo_update_june_2_2024/" target="_blank" rel="noopener nofollow">account</a> on June 2 for the first time since April 2021.
He shared a screenshot showing he purchased 5 million GME shares for $115.7 million and put $65.7 million into <a href="https://cointelegraph.com/explained/covered-call-options-strategy">call options</a>, betting that GME would be at least $20 a share on June 21.
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 Gill’s June 2 Reddit post under his DeepFuckingValue account. Source: Reddit
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Gill’s screenshot shows he’s gained over $9.3 million on his GME holdings and is holding a loss of nearly $2.5 million on his call options.
Related: <a href="https://cointelegraph.com/news/robinhood-close-settle-gamestop-meme-stock-lawsuit">Robinhood nears settlement on GameStop, meme stocks suit</a>
Robinhood’s overnight <a href="https://robinhood.com/us/en/stocks/GME/" target="_blank" rel="noopener nofollow">markets</a> saw GME jump by 19.19% in 20 minutes to $27.58 after Gill’s Reddit post.
GameStop closed at $23.14 on Friday, May 31, with shares up 38.8% in 2024, <a href="https://www.google.com/finance/quote/GME:NYSE" target="_blank" rel="noopener nofollow">according</a> to Google Finance — seemingly boosted by Gill’s return.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/87ba65d8-58ac-4c8e-ac2a-d92867aee8db.png" alt="" title="">
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 GME’s price year-to-date saw a spike in mid-May after Gill suddenly started posting on X. Source: Google Finance
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Gill also cryptically <a href="https://x.com/TheRoaringKitty/status/1797418617908154621" target="_blank" rel="noopener nofollow">posted</a> a green Uno reverse card to X — adding to a series of arcane posts and memes he’s shared <a href="https://cointelegraph.com/news/gamestop-crypto-memecoin-rally-can-history-repeat-itself">since his sudden return</a>&nbsp;in May.
Gill was seen by some as the center of the GameStop saga during the COVID-19 pandemic, which saw Reddit traders flip the table on hedge funds making money by shorting the failing brick-and-mortar game store.&nbsp;
Their actions ended up sending the price of GameStop stock soaring over 1,000% in under a month.
Some also believe the GameStop short squeeze laid the groundwork for a massive surge in the price of memecoins such as Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) and Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index">SHIB</a>) after retail turned its attention elsewhere.
In the past, Gill was known to post on the r/wallstreetbets subreddit, now famous for its ties to the GameStop short squeeze saga, but the forum has moved away from GME content, with its moderator “zjz” even posting on June 3 that “this is not a GameStop subreddit.”
Gill’s latest post was made on the r/Superstonk subreddit, seemingly a forum to mostly speculate on GME.
His prior <a href="https://www.reddit.com/r/wallstreetbets/comments/msblc3/gme_yolo_update_apr_16_2021_final_update/" target="_blank" rel="noopener nofollow">post</a> to r/wallstreetbets on April 16 showed Gill owned 20,000 GME shares at a buy price of $55.17 a share. At the time he was holding a gain of $19.9 million.
Magazine: <a href="https://cointelegraph.com/magazine/meme-coins-betrayal-crypto-ideals-or-true-purpose/">Meme coins: Betrayal of crypto’s ideals… or its true purpose?</a>

GameStop rallies overnight as Roaring Kitty reveals $180M GME position

Cointelegraph

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