GameStop soars in overnight trading after Roaring Kitty (Keith Gill) reveals $180 million GME call options.
In overnight trading, GameStop (GME) increased by more than 19% after Keith Gill, known as “Roaring Kitty,” disclosed on Reddit that he owns call options and stock worth $181.4 million.
The Return of the Roaring Kitty in GameStop
Gill, the trader widely regarded as a significant influence on the 2021 GME short squeeze, published for the first time since April 2021 on June 2 via his “DeepFuckingValue” Reddit account.
Evidently, the screenshot he distributed demonstrated that he invested $65.7 million in call options and acquired 5 million GME shares for $115.7 million, expecting the stock to trade for at least $20 per share on June 21.
Gill’s screenshot indicates that his call options have cost him nearly $2.5 million, while his GME holdings have increased by more than $9.3 million.
Gill’s Reddit post prompted GME to increase by 19.19% in twenty minutes to $27.58 on Robinhood’s overnight markets.
Google Finance reports that GameStop closed on Friday, May 31, at $23.14, with shares up 38.8% on the year—ostensibly aided by Gill’s return.
In addition, Gill sent X a green UNO reverse card in a cryptic manner, which he added to a string of enigmatic posts and parodies he has distributed since his unexpected return in May.
Gill was the subject of the GameStop debacle during the COVID-19 pandemic, in which Reddit traders exposed the profitable shorting of the failing physical game retailer by hedge funds. Some have regarded this incident as the pinnacle of the saga.
Ultimately, their actions caused the price of GameStop stock to increase by more than 1,000% in less than a month.
The GameStop short squeeze catalyzed an increase in the value of meme currencies, including Dogecoin and Shiba Inu, after the retail industry’s reallocation of resources.
Gill previously frequented the r/wallstreetbets subreddit, which has gained notoriety for its association with the GameStop short squeeze saga. However, the forum has shifted its focus away from GME-related discussions, as evidenced by the moderator “zjz” declaring on June 3 that “this is not a GameStop subreddit.”
Gill’s most recent post appeared on the r/Superstonk subreddit, which seems to be a forum where GME speculation predominates.
Gill stated in a previous post to r/wallstreetbets dated April 16 that he owned 20,000 GME shares at a purchase price of $55.17 per share. He had a gain of $19.9 million at the time.
