The New York Stock Exchange (NYSE) imposed a brief restriction on sale (SSR) on Gamestop after a volume that was spy on levels reminiscent of the popular 2021 short of gamestop.
Gamestop (GME) Short Sale Volume – Total number of shares is purchased briefly within a certain time of time – increased 234% within 24 hours, reaching 30.85 million distributors sold on March 27, According to In tradingview data.
SSR enters when a stock drops more than 10% from the previous day closing price. Gamestop’s stock fell 22% on the day of trading, wiping its 12% benefit from the Bitcoin announcement and then some, According to In Google Finance data.
At the time of publication, GME traded at $ 22.09.
Gamestop’s shorts quantity near 2021 short level squeeze
The rule is applied for the rest of the trading day and the following day of trading. Malone Wealth President and CEO Kevin Malone Says In a post of March 27 X that “Gamestop has exchanged 50x more sharing today than last Thursday. It is not possible to statistics without naked short -term.
The short volume of gamestop sale reached 30.88 million on March 27. Source: Tradingview
The number is close to the levels reached in January 2021 when gamestop stocks are famous Went meteoric After a “short squeeze” of stock, causing significant losses for fence funds and so on Short seller While some retail traders have made a significant return.
The highest point that reached that month was 33.26 million distributed on January 19.
Gamestop Bitcoin Buy is “DOT-COMISH”
Gamestop did not specify how much it plans to buy, but after closing the markets on March 26, the firm A announced $ 1.3 billion modified note notes.
However, some analysts and commentators have asked Gamestop’s plan to start buying bitcoin. Speaking to Yahoo Finance On March 27, founder and CEO Tom Sosnoff said Gamestop’s decision to buy Bitcoin felt “a small dot” on him.
Source: Hans akamatsu
“It’s a little feeling like, oh, I’m going to throw a dot com at the end of my name, I’ll buy some bitcoin in our excess cash because we can’t find a company that will be acclative,” Sosnoff said.
Meanwhile, Bret Kenwell, US investment analyst in ethoroReuters told March 27 that “investors do not have to be optimistic in the underlying business.”
Biggest short sales day still goes with Keith Gill’s return
The biggest short sales day still belongs to June 3, 2024, up to 46.20 million.
It was around the time that Keith Gill, a stock businessman known for the Gamestop short in 2021, disclosed on June 2 That he started the gamestop’s stock again, this time with $ 180 million to play.
Related: Companies without business models ‘buy bitcoin’ – Angel investor Jason Calacanis
Gamestop said the convertible senior notes – the debt that can be converted to equity – will be used for the general purposes of the corporation, including the acquisition of Bitcoin.
Some analysts see the changing notes that offer the announcement as the cause of the stock drop.
Han akamatsu Says In a March 27 X post that Gamestop’s stock drops for the same approach to factor (former microstrategy) refused after issuing the modified notes.
“In 2021, MSTR released $ 1.05B of 0% convertible notes, the stock sank after the announcement due to shorts, but eventually exploded when Bitcoin exploded and the arbitrage was not found,” Akamatsu said, and added:
“GME follows the same blueprint now … If the GME or BTC climbs a lot, the trade gets interesting because we have a chance to squeeze here.”
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This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
