Social media trading sensation Keith Gill, also known as “Roaring Kitty,” has recently disclosed his amplified ownership in GameStop’s common stock, now holding more than 9 million shares. Through a new screenshot of his E-Trade portfolio posted on Reddit’s Superstonk forum, Gill showcased his colossal position, along with over $6 million in cash. Initially, on June 2, when Gill first revealed his stake during the 2024 meme stock frenzy, his portfolio consisted of 5 million shares and 120,000 call options against GameStop.
The exact path that led Gill to this significantly increased position remains unclear. It is speculated that he might have sold all 120,000 call contracts to fund the purchase of additional shares, or he could have liquidated a portion of his substantial options position while exercising the rest prematurely. A surge in trading volume of GameStop call contracts with a strike price of $20 and an expiration date of June 21, paralleling Gill’s positions, fueled rumors of his offloading activities. The decline in GameStop shares and call options only added to the speculation.
To exercise all 120,000 calls, Gill would have needed $240 million to acquire 12 million shares at $20 each, which significantly surpasses his disclosed holdings. Despite the lack of transparency regarding his trading strategy, Gill’s overall portfolio, including cash, totaled over $268 million by Thursday, representing a substantial increase from $210 million on June 2. The surge in GameStop shares by over 14% on Thursday indicated investor confidence in the stock.
GameStop’s Corporate Developments
In addition to Gill’s trading activity, GameStop faced disruptions during its annual shareholder meeting due to server crashes caused by overwhelming interest in the event. The company also recently completed an equity sale, generating more than $2 billion in proceeds amid the resurgent meme rally. GameStop plans to utilize the funds for general corporate purposes, potentially involving acquisitions and investments to drive growth and expansion.