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Polymarket Bets on Keith Gill Reaching $1 Billion from GameStop Holdings

A new betting market on Polymarket has seen over $120,000 wagered on Keith Gill potentially making a billion dollars from his GameStop (GME) equity and options holdings.

Market watchers are rallying behind retail trader Keith Gill, predicting he will clear $1 billion on his GameStop (GME) stock positions by Friday. This could become one of the biggest success stories in meme-stock trading history.

Known by his social media aliases @TheRoaringKitty on X (formerly Twitter) and “DeepF*ckingValue” on Reddit, Gill showcased a $583 million position in a Reddit post, revealing $382 million in profit from options and equity positions. GME stock surged 47% to $46 yesterday and soared to $61 in after-hours trading.

Reddit followers quickly calculated that GME needed to rise by just $9 on Friday for Gill to achieve a billion-dollar valuation on his holdings.

Polymarket’s betting market on whether Gill will become a billionaire has quickly gained traction. The “Roaring Kitty billionaire by Friday?” market has accumulated $120,000 in bets since launching late Thursday, with “yes” odds reaching 50% early Friday.

“If GME hits $70, the intrinsic value of his position would reach a billion. (5m shares * $70) + (12m shares from calls * ($70 – $20 strike)),” explained user “etj103007,” who purchased 15,000 shares in favor.

Another user added, “I believe in Roaring Kitty,” holding 1,000 “yes” shares.

The market will resolve to “yes” if @TheRoaringKitty announces that he is a billionaire or shows a brokerage position worth at least $1 billion by 11:59 PM ET tonight. The resolution source will be information from Gill or his verified social accounts.

Meanwhile, a spoof GME token on the Solana blockchain has recorded nearly $200 million in trading volumes in the past 24 hours, driven largely by Gill’s social media updates. Related meme token Roaring Kitty (KITTY) rose 220%, according to CoinGecko.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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