Keith Gill, the individual known as “Roaring Kitty” on online forums, recently shared an update on Reddit’s Superstonk forum regarding his ownership of GameStop’s common stock. In a new screenshot of his E-Trade portfolio posted after the market close on Thursday, it was revealed that Gill now holds over 9 million GameStop shares along with more than $6 million in cash. This marks a significant increase from his initial disclosed position back on June 2nd, during the height of the meme stock frenzy.
The specifics of how Keith Gill arrived at this position remain unclear. One possibility is that he may have sold off his 120,000 call options against GameStop and used the proceeds to purchase additional shares. Alternatively, he could have partially liquidated his options position and exercised the remaining contracts early. The significant uptick in trading volume of GameStop call options with a strike price of $20 and an expiration date of June 21, matching Gill’s holdings, led to speculation that he may have begun offloading his positions.
As of Thursday evening, the total value of Keith Gill’s portfolio, including cash holdings, has surpassed $268 million, up from $210 million on June 2nd. This growth coincided with a more than 14% surge in GameStop shares on Thursday. The increase in value of Gill’s holdings suggests that his bets on GameStop have continued to pay off, despite the volatility and uncertainty surrounding meme stocks.
In the midst of these developments, GameStop itself recently completed an equity sale, raising over $2 billion. The video game retailer has indicated that these funds will be utilized for general corporate purposes, including potential acquisitions and investments. The company’s annual shareholder meeting experienced technical difficulties due to overwhelming interest, reflecting the ongoing fascination with GameStop and its stock among retail investors.
Overall, Keith Gill’s actions and the continued saga of GameStop exemplify the unique dynamics at play in today’s market, where individual investors can have a significant impact on the trajectory of particular stocks. As meme stocks continue to capture the attention of both Wall Street and Main Street, the story of GameStop and “Roaring Kitty” serves as a compelling narrative of the power of retail investors in shaping market outcomes.