Why Did GameStop (GME) Surge Nearly 20% Overnight?

GameStop (GME) surged over 19% in overnight trading after Keith Gill, known as “Roaring Kitty,” posted on Reddit that he holds GME shares worth $181.4 million and call options.

Gill, a trader widely credited with influencing GME short-selling activity in 2021, posted on his “DeepFuckingValue” Reddit account on June 2nd for the first time since April 2021.

He shared a screenshot purportedly showing his purchase of 5 million GME shares for $115.7 million and placing $65.7 million in call options, betting that GME would be priced at least $20 per share by June 21st.

Gill’s June 2 Reddit post under his DeepFuckingValue account. Source: Reddit

Gill’s screenshot clearly indicates he made over $9.3 million from holding GME and is currently facing losses of nearly $2.5 million from his call options.

Robinhood’s overnight market saw GME surge 19.19% in 20 minutes to $27.58 following Gill’s Reddit post.

GameStop closed at $23.14 on Friday, May 31st, with shares up 38.8% this year, according to Google Finance – seemingly propelled by Gill’s return.

GME’s price year-to-date saw a spike in mid-May after Gill suddenly started posting on X. Source: Google Finance

Gill also posted a cryptic green UNO reverse card for “X” — adding to a series of intricate posts and memes he has shared since his sudden resurgence in May.