Meanwhile, Bret Kenwell, US investment analyst at eToro, told Reuters on March 27 that “investors are not necessarily optimistic on the underlying business.”Biggest day of short sales still goes to Keith Gill’s return The biggest day of short sales still belongs to June 3, 2024, when it reached 46.20 million. This was around the time Keith Gill, a stock trader known for the GameStop short squeeze in 2021, revealed on June 2 that he had started trading GameStop stock again, this time with $180 million to play with. Related: Firms without business models ‘buy Bitcoin’ — Angel investor Jason CalacanisGameStop said the convertible senior notes — debt that can later be converted into equity — will be used for general corporate purposes, including acquiring Bitcoin.
GameStop (GME) short sales volume — the total number of shares sold short within a specific timeframe — rose 234% over 24 hours, reaching 30.85 million shares sold on March 27, according to TradingView data. The SSR kicks in when a stock drops over 10% from the previous day’s closing price.
Han Akamatsu said in a March 27 X post that GameStop’s stock is dropping for the same reason Strategy (formerly MicroStrategy) declined after issuing convertible notes.“In 2021, MSTR issued $1.05B of 0% convertible notes, the stock dipped after the announcement due to hedging shorts, but later exploded when Bitcoin ripped and the arbitrage unspooled,” Akamatsu said, adding:“GME is following the same blueprint now ...
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Author / Journalist: Cointelegraph by Ciaran Lyons
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