Roaring Kitty’s GameStop stake grows to 9 million shares

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Roaring Kitty's GameStop stake grows to 9 million shares

Keith Gill, aka Roaring Kitty, will host a YouTube livestream on June 7, 2024.

Source: Roaring Kitty | YouTube

Meme stock champion Keith Gill, known online as “Roaring Kitty,” appeared to be taking his share of GameStopand 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 market closed on Thursday, showing that he now holds 9.001 million GameStop shares and more than $6 million in cash. On June 2, the first day he began disclosing his position in the 2024 meme stock frenzy, 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 buy shares at a set price until a certain expiration date.

It's difficult to decipher exactly what Gill did to get into this position. He could have dumped all 120,000 call contracts and used the proceeds to buy additional shares, or he could have sold part of the massive options position and exercised the rest early.

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On Wednesday afternoon, there was a huge spike in trading volume of GameStop call contracts with a strike price of $20 and an expiration date of June 21, the very ones Gill owned. This phenomenon, along with falling prices for GameStop stock and call options, led many to believe that Gill had started selling.

Many had speculated that Gill did not hold onto those calls until expiration. To exercise all of his calls, Gill would have needed $240 million to take delivery of the shares – 12 million shares he bought at $20 each – far more than he had publicly declared on his E-Trade account.

Gill did not respond to a request for comment.

The total value of Gill's portfolio, including cash, was over $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 disrupted by computer problems on Thursday, with servers crashing due to overwhelming interest in the stream.

GameStop recently raised more than $2 billion in a stock sale as it capitalized on the revived meme rally. The company said it intends to use the money for general corporate purposes, which could include acquisitions and investments.

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