Keith Gill, also known as Roaring Kitty, hosts a YouTube livestream on June 7, 2024.
Source: Roaring Kitty | Youtube
Meme stock champion Keith Gill, known online as “Roaring Kitty,” appeared to increase his holdings GameStop‘s common stock and appears to hold more than 9 million shares.
Gill posted a new screenshot of his E-Trade portfolio on Reddit’s Superstonk forum after the bell on Thursday, showing that he now holds 9.001 million GameStop shares and over $6 million in cash. On June 2, the first day he began disclosing his position in the 2024 meme stock rush, his portfolio included 5 million shares as well as 120,000 call options against GameStop.
Call options give the holder the right, but not the obligation, to purchase shares at a specific price by a specific expiration date.
It’s hard to decipher what exactly Gill did to get to this position. He could have sold all 120,000 call contracts and used the proceeds to buy the additional shares, or he could have sold part of the huge options position and exercised the rest early.
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Wednesday afternoon saw a huge surge in trading volume in GameStop call contracts with a strike price of $20 and an expiration date of June 21, the same ones Gill owned. This phenomenon, as well as falling prices in GameStop shares and call options, led many to believe that Gill had started selling off.
Many had speculated that Gill would not have held on to these calls until they expired. For Gill to meet all of his demands, he would have needed $240 million to take custody of the shares – 12 million shares purchased at $20 apiece – much more than he publicly disclosed in his E trade account.
The total value of Gill’s portfolio, including cash, reached more than $268 million as of Thursday evening, up from $210 million on June 2.
GameStop shares rose more than 14% on Thursday.
The video game retailer’s annual shareholder meeting was interrupted Thursday by computer problems as servers crashed due to overwhelming interest in the stream.
GameStop recently raised more than $2 billion in a stock sale as it benefited from the revived meme rally. GameStop said it intends to use the money for general corporate purposes, which could include acquisitions and investments.
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2024-06-13 22:21:37
www.cnbc.com
