The mastermind behind the Gamestop (GME) short squeeze movement is currently sitting on what could potentially be one of the most lucrative trades in history, following his remarkable comeback to the public eye.
Keith Gill, known as ‘Roaring Kitty,’ has amassed a massive call option position in GME, which could result in him gaining hundreds of millions of dollars. In a recent Reddit post under his username “DeepF**kingVallue,” Gill revealed that his call position was initially valued at $65 million.
According to Unusual Whales, a platform for stock and crypto market tools, Gill’s GameStop calls were valued at $250,000,000 on Monday morning. This represents a nearly 300% return on his initial investment.
Renowned growth stock investor and podcaster, Jonah Lupton, suggests that Gill may have briefly seen his gains reach over $750 million at the market open. Lupton explains that Gill likely sold his calls at the peak and then began purchasing GME equity, resulting in a cost basis in the $20 range. Recently, Gill has been selling off his GME equity and acquiring call options for June 21st with a strike price of $20. With GME up 83% premarket, Gill’s equity gains amount to over $95 million, and his call options gains are estimated to be over $450 million. This means his account could be worth more than $750 million after the market opens.
Trading on GME has been temporarily halted by the New York Stock Exchange (NYSE) due to its extreme volatility.
Gill’s return to the public eye coincided with a significant rally in GME and the emergence of a GameStop-inspired memecoin on the Solana blockchain called GME. In the past 24 hours, GME has surged by 124%, while the actual GME stock on the NYSE has seen a 50% increase.
It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct thorough research before engaging in high-risk investments. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, and readers should be aware that any transfers or trades are done at their own risk.
