• Traders are speculating that Roaring Kitty (Keith Gill) is selling his massive GameStop options position
• Gill’s last Reddit screenshot on Monday showed a position of 120,000 GameStop option contracts expiring in June
• Data from Cboe Global Markets suggests that some of these option contracts have been closed out recently
Traders are speculating that Roaring Kitty is selling his mammoth GameStop options position.
Roaring Kitty’s Options Position
In his last screenshot on Reddit, posted Monday, he showed a position of 120,000 contracts tied to GameStop options expiring this June. At the time there were 166,405 contracts outstanding tied to that specific trade, Cboe Global Markets data show. This specific call option has a so-called strike price of $20, the level at which it could be exercised.
As of Wednesday there were around 111,800 contracts outstanding, a sign that some of the trades had been closed out, Cboe data show. It’s unclear if Gill added other options or shares and what his total position looks like at the moment.
Background on Roaring Kitty
Roaring Kitty is the online persona of Keith Gill, who helped drive a surge in GameStop’s stock price earlier this year through his posts on Reddit’s WallStreetBets forum. Gill began sharing his bullish views on GameStop in 2019, building a huge following on YouTube and Reddit as the video game retailer’s shares skyrocketed in early 2021.
What This Could Mean
The drop in open interest on the specific options contracts suggests Roaring Kitty may be starting to unwind his position in GameStop. This could signal lower confidence in the stock continuing its epic rally. However, without full details on his current holdings, it’s impossible to say for sure. All eyes will remain on Roaring Kitty’s next postings to see if he provides an update.
