Boston, MA – Keith Gill, also known as “Roaring Kitty” in online circles, has increased his ownership in GameStop’s common stock significantly. Gill recently shared a screenshot of his E-Trade portfolio on Reddit, revealing that he now holds over 9 million GameStop shares and more than $6 million in cash.
Initially, on June 2, Gill disclosed his position during the 2024 meme stock frenzy with a portfolio of 5 million shares and 120,000 call options against GameStop. His latest move to increase his GameStop holdings to 9.001 million shares has caught the attention of many market observers.
There has been speculation about how Gill managed to acquire the additional shares. It is unclear whether he sold off his call contracts to fund the purchase or if he sold a portion of his options position and exercised the rest early. Regardless, the increase in his GameStop stake has raised eyebrows in the investment community.
A surge in trading volume of GameStop call contracts with a $20 strike price and a June 21 expiration date, similar to the ones Gill owned, led to further speculation. The trading activity, coupled with a decline in GameStop shares and call options prices, has fueled rumors that Gill may have started selling off some of his positions.
Despite the uncertainties surrounding his trading strategy, Gill’s portfolio value has swelled to over $268 million, including cash, as of Thursday evening. This marks a significant increase from his $210 million portfolio value on June 2, showcasing the impact of his recent trades on his overall wealth.
GameStop shares have experienced a surge of over 14% following Gill’s latest moves. The company’s recent annual shareholder meeting was marred by technical difficulties, with servers crashing due to overwhelming interest in the event. Additionally, GameStop recently raised more than $2 billion through an equity sale, taking advantage of the renewed interest in meme stocks to bolster its financial position for potential acquisitions and investments.