American Financial Live
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
No Result
View All Result
American Financial Live
No Result
View All Result
Home Investing

Robinhood Implements Buying Restrictions on GameStop As Roaring Kitty Discloses $175M Bet

by
June 3, 2024
in Investing
0
Robinhood Implements Buying Restrictions on GameStop As Roaring Kitty Discloses $175M Bet

Robinhood limited purchases of GameStop shares late Sunday following a surge in the meme stock’s value. It came after speculation arose that Keith Gill, the figure behind the notable short squeeze in 2021, could hold a substantial position in the video game retailer.

The brokerage said Blue Ocean ATS, the platform that facilitates overnight trades for certain stocks, would only accept orders within 20% above or below a reference price of $22.99. So, if traders wanted to buy GME above $27.59 or sell below $18.39 during the night, their order would likely be rejected.

This restriction was meant to allow limited trading during extended hours. But some Robinhood users reported being completely blocked from buying GME overnight.

Robinhood didn’t return Cryptonews’ request for comment by press time.

RobinHood has added a warning for anyone trying to buy GameStop pic.twitter.com/sTJtBoLLJj

— wallstreetbets (@wallstreetbets) June 3, 2024

Robinhood Restricts Trading After Gill’s GameStop Investment Fuels Overnight Price Jump


Robinhood’s warning follows a Reddit post from Gill, who goes by “Roaring Kitty” on YouTube. The post marks Gill’s first since April 21. He’s known as a key figure in the 2021 GameStop short squeeze thanks to his online influence.

A screenshot indicated he purchased 5m GME shares for $115.7m. He also allocated $65.7m towards call options. It also indicated his bet that GME would reach at least $20 per share by June 21.

The screenshot further showed he accrued a profit exceeding $9.3m from his GME holdings. Still, he sustained a loss of almost $2.5m on his call options.

In Robinhood’s overnight markets, GME surged nearly 20% in just 20 minutes to reach $27.58 following Gill’s Reddit post.

GameStop closed at $23.14 on Friday, May 31, marking a 38.8% increase in shares for the year. This increase appears to have been influenced by Gill’s comeback.

Roaring Kitty’s Return Fuels Market Speculation


Gill also shared a green UNO reverse card on X on the same day as his Reddit post. This has added to the series of mysterious posts and memes he’s been sharing since his return in May. The latest post attracted nearly 50,000 likes as of early Monday.

pic.twitter.com/zUuccrKWZr

— Roaring Kitty (@TheRoaringKitty) June 3, 2024

Three weeks ago, Gill’s initial return to social media ignited a remarkable surge in GameStop, with shares doubling in value in May alone. At the same time, Ethereum-based meme coins showed renewed optimism, including one named GME.

GME tickers have become big players in the meme coin market since Roaring Kitty reemerged to guide the next bullish phase.

The post Robinhood Implements Buying Restrictions on GameStop As Roaring Kitty Discloses $175M Bet appeared first on Cryptonews.

Previous Post

Over $3 Billion Worth of ETH Withdrawn from CEXes Since Approval of US Ether ETFs

Next Post

Veteran Analyst Peter Brandt Predicts Bitcoin Price to Reach $150K by September 2025

Next Post
Veteran Analyst Peter Brandt Predicts Bitcoin Price to Reach $150K by September 2025

Veteran Analyst Peter Brandt Predicts Bitcoin Price to Reach $150K by September 2025

Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Popular News

    DOJ releases former Special Counsel Jack Smith’s report on investigation into Trump election interference case

    DOJ releases former Special Counsel Jack Smith’s report on investigation into Trump election interference case

    January 14, 2025
    ‘Waste less, save more’: DOGE caucus member rolls out expansive bill package ahead of Trump inauguration

    ‘Waste less, save more’: DOGE caucus member rolls out expansive bill package ahead of Trump inauguration

    January 14, 2025
    Most Americans rate Biden as ‘failed’ or ‘fair’ president: new poll

    Most Americans rate Biden as ‘failed’ or ‘fair’ president: new poll

    January 14, 2025

    About American Financial Live

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Main Categories

    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy

    Latest News

    • DOJ releases former Special Counsel Jack Smith’s report on investigation into Trump election interference case
    • ‘Waste less, save more’: DOGE caucus member rolls out expansive bill package ahead of Trump inauguration
    • #29193 (no title)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    • Thank you

    Copyright © 2025 americanfinanciallive.com | All Rights Reserved

    No Result
    View All Result
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy

    Copyright © 2025 americanfinanciallive.com | All Rights Reserved