Roaring Kitty’s GameStop stake rose to 9 million shares

Call options give the holder the right, but not the obligation, to buy shares at a specified price by a certain expiration date.

It is difficult to understand exactly what Gale did to reach this position. He could have unloaded all 120,000 put contracts and used the proceeds to buy additional shares, or he could have sold part of the massive options position and exercised the rest early.

There was a significant spike in trading volume Wednesday afternoon for GameStop calls with a strike price of $20 and an expiration date of June 21, the same contracts that Gill owns. This phenomenon, coupled with falling prices in GameStop stock and call options, has led many to believe that Generation has begun to unload.

Many have speculated that Gill would not have held onto these calls until expiration. For Gill to exercise all of his decisions, he would have needed $240 million to hold the stock — 12 million shares purchased at $20 per share — a much larger amount than he showed publicly in his e-trading account.

The total value of Jill’s portfolio, including cash, was more than $268 million as of Thursday evening, up from $210 million on June 2.

GameStop shares rose more than 14% on Thursday.

The video game retailer’s annual shareholders meeting was disrupted by computer problems on Thursday, as servers crashed due to overwhelming interest in the stream.

GameStop recently raised more than $2 billion selling stock as the company benefited from the rise of the revived meme. GameStop said it intends to use the funds for general corporate purposes, which may include acquisitions and investments.