The leader of the Gamestop (GME) short squeeze movement is sitting on potentially one of the best trades of all time shortly after his dramatic comeback to the public eye.
Keith Gill, who goes by ‘Roaring Kitty,’ is currently looking at hundreds of millions of dollars in gains after building a massive call option position in GME.
Yesterday, the legendary meme stock trader made his first post on Reddit under his username “DeepF**kingVallue” in over three years, revealing a call position initially worth $65 million.
“GME YOLO update – June 2, 2024”
According to stock and crypto market tools platform Unusual Whales, Gill’s GameStop calls were worth $250,000,000 early Monday morning.
“BREAKING: Roaring Kitty’s, aka DeepFuckingValue, had $65 million in GameStop, GME calls he revealed yesterday.
This morning at peak, those GME calls were worth $250 MILLION, a near $300% return.
…You can see it looks like he has not sold and is holding.”
According to widely followed growth stock investor and podcaster Jonah Lupton, Gill may have briefly been up over $750 million at the time of market open.
“He probably sold all of his calls near the top and then started buying back GME equity which is why is cost basis is in the $20s.
Then he decided to play this game again, so over the past couple weeks he’s been selling his GME equity and loading up on the June 21st $20 calls.
With GME up 83% premarket, he’s up more than $95M on the equity and he’s probably up $450M+ on the calls so his account will probably be worth $750M+ after the open…
Never seen anything like this before.”
At time of publishing, the New York Stock Exchange (NYSE) has halted trading on GME at least once due to volatility.
Gill’s return from his lengthy hiatus last month coincided with a massive GME rally and the emergence of a Solana-based GameStop-inspired memecoin.
GME – the memecoin on Solana – is up 124% in the last 24 hours, while the real GME on the NYSE is up about 50% on the day so far.
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Featured Image: Shutterstock/ArtemisDiana
