Keith Gill (aka Roaring Kitty) will be hosting a YouTube livestream on June 7, 2024.
Source: Roaring Kitty | YouTube
Keith Gill, a champion of meme stocks known online as “Roaring Kitty,” GameStopIt appears that the company owns more than 9 million common shares.
Gill posted new screenshots of his E-Trade portfolio on Reddit’s Superstonk forum after the close on Thursday, revealing that he now holds 9 million 1,000 shares of GameStop stock and more than $6 million in cash. On June 2, the first day he began disclosing his position in the 2024 meme-stock boom, his portfolio included 5 million shares of GameStop stock and 120,000 call options.
A call option gives the holder the right, but not the obligation, to purchase a stock at a specified price by a particular maturity date.
It’s hard to work out what exactly Gill did to get to this position. He could have sold all 120,000 call contracts and used the proceeds to buy more shares, or he could have sold some of his massive options position and exercised the rest early.
On Wednesday afternoon, there was a surge in trading volume for the same GameStop call contracts that Gill held, with a strike price of $20 and an expiration date of June 21. This, along with the decline in the price of GameStop shares and call options, led many to believe that Gill had begun selling off.
Many speculated that Mr. Gill would not have held onto those calls until expiration. To exercise them all, Mr. Gill would have needed to spend $240 million to store the stock, or 12 million shares he bought at $20 a share, far more than he had disclosed in his E-Trade account.
Gill’s total assets, including cash, were worth more than $268 million as of Thursday night, up from $210 million on June 2.
GameStop shares surged more than 14% on Thursday.
On Thursday, the video game retailer’s annual shareholders’ meeting was disrupted by computer issues after overwhelming interest in streaming took down its servers.
GameStop recently capitalized on the resurgence of meme rallies to raise more than $2 billion in a stock sale. GameStop has said it intends to use the funds for general corporate purposes, including acquisitions and investments.
