The GameStop (GME) stock price surged over 19% in overnight trading after Keith Gill, known as “Roaring Kitty,” revealed on Reddit that he’s holding $181.4 million worth of GME stock and call options.
Gill, a key figure in the 2021 GME short squeeze, posted on Reddit via his “DeepFuckingValue” account on June 2, marking his first activity since April 2021.
He shared a screenshot showing his purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options, betting that GME would be at least $20 a share by June 21.
His screenshot indicated a gain of over $9.3 million on his GME holdings, although he was experiencing a loss of nearly $2.5 million on his call options.
Following Gill’s post, GME surged by 19.19% in 20 minutes, reaching $27.58 in Robinhood’s overnight markets.
GameStop closed at $23.14 on Friday, May 31, with shares up 38.8% in 2024, according to Google Finance. This increase appears to be influenced by Gill’s return.
Additionally, Gill posted a cryptic green Uno reverse card to X, adding to the mysterious posts and memes he’s shared since his return in May.
During the COVID-19 pandemic, Gill was seen as a central figure in the GameStop saga, where Reddit traders countered hedge funds shorting the struggling brick-and-mortar game store.
Their actions sent GameStop’s stock price soaring over 1,000% in under a month. Some believe the GameStop short squeeze set the stage for the surge in memecoins like Dogecoin and Shiba Inu after retail investors shifted their focus.
Previously, Gill posted on the r/wallstreetbets subreddit, now famous for its role in the GameStop short squeeze.
However, the forum has since distanced itself from GME content, with moderator “zjz” stating on June 3 that “this is not a GameStop subreddit.”
Gill’s latest post was on the r/Superstonk subreddit, which mainly speculates on GME.
Gill’s previous post on April 16 on r/wallstreetbets showed he owned 20,000 GME shares at a buy price of $55.17 per share, holding a gain of $19.9 million at that time.
To submit a crypto press release (PR), send an email to [email protected].
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read on Crypto Intelligence Investment Disclaimer