From CNBC: 2024-06-12 16:55:00

A sell-off in GameStop shares heightened as call options owned by Keith Gill, aka “Roaring Kitty,” saw a surge in volume. Gill disclosed holding 120,000 contracts with a $20 strike price and June 21 expiration. Speculation abounds on whether he will sell or exercise them, potentially impacting the stock price.

Options traders speculate on Keith Gill’s next move as he faces a decision on his GameStop call options. To exercise them, Gill would need $240 million, which is more than he has publicly shown in his account. Wall Street closely monitors his actions for potential impact on the stock price.

GameStop saw a significant increase in trading volume Wednesday, primarily in call options with the same strike price and expiration as “Roaring Kitty’s” contracts. The price of these contracts dropped over 40% during the trading session, while the stock itself experienced a 16.5% decline. Stay tuned for CNBC’s “Fast Money” discussion on the GameStop situation.

Read more: GameStop tanks with huge volume in call options owned by Roaring Kitty