Roaring Kitty Pounces on More GameStop Shares in Latest Meme Stock Frenzy

Keith Gill, better known as “Roaring Kitty,” a key figure in the meme stock phenomenon, has significantly increased his stake in GameStop. Recently, Gill revealed through a screenshot on Reddit’s Superstonk forum that his GameStop holdings now amount to over 9 million shares, along with maintaining over $6 million in cash. This substantial increase makes him the company’s fourth-largest shareholder, according to FactSet data accurate as of the end of March.

On June 2, the onset of 2024’s meme stock frenzy, Gill’s portfolio consisted of 5 million GameStop ( $GME) shares and 120,000 call options. By unloading his large options position, potentially selling some and exercising others early, Gill was able to increase his direct stake in the company. This maneuver occurred amidst a spike in GameStop call trading, suggesting Gill might have capitalized on this movement to adjust his holdings.

The value of Gill’s portfolio has soared, reaching more than $268 million as of the latest update, up from $210 million at the beginning of June. This increase aligns with a 14% surge in GameStop’s stock price on Thursday alone, further fueled by a disruptive annual shareholder meeting plagued by server issues due to high streaming demand.

Additionally, GameStop has leveraged the renewed interest in meme stocks by raising over $2 billion through an equity sale, aiming to fund general corporate activities, including potential acquisitions and investments.