Roaring Kitty's GameStop Strategy Nears Billionaire Status, MicroStrategy Faces $6.9B Shorts, Franklin Templeton Eyes Altcoins
Summary:
Keith Gill, commonly known as "Roaring Kitty," is on track to achieving billionaire status due to the continued surge in GameStop shares. In other news, despite the two-fold growth of MicroStrategy shares in the past six months, institutional investors have $6.9 billion in short positions against it. Meanwhile, leading asset manager Franklin Templeton is considering launching an altcoin-focused investment fund.
Noted stock trader Keith Gill, also recognized online as "Roaring Kitty" and "DeepFuckingValue," is on track to become a billionaire thanks to the continued rise of GameStop (GME) shares. On June 2, Gill alerted his Reddit followers that he had rejoined the GameStop trading game with an investment fund of $180 million. His announcement sent the company's share price on another upward trend, with a 19% increase recorded on Robinhood's overnight markets just 20 minutes following his post. As of now, GameStop's shares were priced at $46.55, up 118% from when Gill revealed his position. Analysts believe that Gill is set to become a billionaire if the current market trends persist.
Despite MicroStrategy shares doubling in value over the past six months, institutional investors have staked $6.9 billion on their fall. However, it appears short-sellers' confidence is dwindling, proven by a nearly 50% reduction in MicroStrategy stock's short-interest ratio over the same period. As of June 6, Fintel's "The Big Shorts" list revealed 18 notable short positions against MicroStrategy.
Franklin Templeton, a prominent asset manager with $1.64 trillion assets under management, is reportedly contemplating the creation of an investment fund dedicated to altcoins. This expansion would supplement its existing Bitcoin ETF and the yet to be launched Ether products. While the altcoins they aim to target are not specified, it's worth noting that Franklin has shown a positive outlook towards Solana previously. Simultaneously, Franklin Templeton has availed its Benji platform users to invest in its money market fund using USD Coin (USDC) stablecoin. This marks the first mutual fund registered in the U.S. to include blockchain-recorded ownership.
Published At
6/7/2024 3:41:16 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.