Keith Gill (aka Roaring Kitty) hosts a YouTube livestream on June 7, 2024.
Source: Roaring Kitten | Youtube
Meme stock champion Keith Gill, known online as “Roaring Kitty,” appears to have increased his game stationof common stock and appears to hold over 9 million shares.
Gill posted a new screenshot of his E-Trading portfolio on Reddit Super Stoke Forum After Thursday’s close, it showed he currently holds 9.001 million GameStop shares and more than $6 million in cash. On June 2, the first day he began disclosing his positions in the 2024 meme stock frenzy, his portfolio held 5 million shares and 120,000 call options on GameStop.
A call option gives the holder the right, but not the obligation, to purchase stock at a specified price before a specific expiration date.
It’s hard to explain what exactly Gill did to reach this position. He could have sold all 120,000 call contracts and used the proceeds to buy additional shares, or he could have sold part of the large options position and exercised the remainder early.
Volume surged Wednesday afternoon in GameStop call options contracts with a $20 strike price and expiration date of June 21, which Gill owns. This, coupled with the decline in the price of GameStop shares and calls, led many to believe that Gill had begun selling shares.
Many speculated that Gill would not hold on to those calls that were due. For Gill to exercise all of his call options, he would need $240 million to escrow the stock — 12 million shares at $20 a share — far more than the amount publicly shown in his electronic trading account.
As of Thursday evening, Gill’s portfolio, including cash, was worth more than $268 million, more than $210 million on June 2.
GameStop shares surged more than 14% on Thursday.
The video games retailer’s annual shareholder meeting was disrupted by computer problems on Thursday, with servers crashing amid overwhelming interest in streaming.
GameStop, which recently raised more than $2 billion in equity sales, has capitalized on the meme resurgence. GameStop said it intends to use the funds for general corporate purposes, which may include acquisitions and investments.
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