The leader of the Gamestop (GME) short squeeze movement finds itself on potentially one of the best trades of all time, shortly after his dramatic comeback to the public.
Keith Gill, who goes by “Roaring Kitty,” is currently looking at hundreds of millions of dollars in profits after building a huge call option position in GME.
Yesterday, the legendary meme stock trader posted his first post on Reddit under his username “DeepF**kingVallue” in more than three years, revealing a call position initially worth $65 million.
“GME YOLO Update – June 2, 2024”
According to stock and crypto market tool platform Unusual Whales, Gill’s GameStop calls were worth $250,000,000 as of early Monday morning.
“BREAKING: Roaring Kitty’s, aka DeepFuckingValue, had $65 million in GameStop, GME calls he revealed yesterday.
At their peak this morning, those GME calls were worth $250 MILLION, a return of almost $300%.
…You can see it looks like he hasn’t sold and is holding.”
According to the widely followed investor and podcaster in growth stocks Jonas LuptonGill may have briefly risen above $750 million when the market opened.
“He probably sold all his calls at the top and then started buying back GME shares. Therefore, the cost basis is around $20.
Then he decided to play this game again, so in recent weeks he sold his GME stock and jumped on the June 21 $20 calls.
With GME up 83% premarket, he’s up over $95 million on equity and likely up $450 million+ on the calls, so his account will likely be worth $750 million+ after opening…
Never seen anything like it before.”
At the time of publication, the New York Stock Exchange (NYSE) has halted trading on GME at least once due to volatility.
Gill’s return after his long hiatus last month coincided with a huge GME rally and the rise of a Solana-based GameStop-inspired memecoin.
GME – the memecoin on Solana – is up 124% in the last 24 hours, while real GME on the NYSE is up about 50% year to date.
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Featured image: Shutterstock/ArtemisDiana