GameStop's stake held by Roaring Kitty increases to 9 million shares after selling options.

It appears that Keith Gill, also known as "Roaring Kitty" online, has increased his ownership of GameStop's common stock and is currently holding more than 9 million shares.

On June 2, Gill posted a screenshot of his E-Trade portfolio on Reddit's Superstonk forum, revealing that he had 5 million shares and 120,000 call options against GameStop. After the bell on Thursday, he updated his portfolio and shared a new screenshot, showing that he now holds 9.001 million GameStop shares and over $6 million in cash.

Options grant the holder the right, but not the obligation, to purchase shares at a predetermined price before a specified expiration date.

It is unclear how Gill arrived at his current position. He may have sold all 120,000 call contracts and used the proceeds to purchase additional shares, or he may have sold a portion of his massive options position and exercised the rest early.

On Wednesday afternoon, GameStop calls contracts with a strike price of $20 and an expiration date of June 21 experienced a significant increase in trading volume. This coincided with a decline in GameStop share prices and call options, causing many to speculate that Gill was selling off his holdings.

It was speculated that Gill wouldn't keep the calls to expiration. For Gill to exercise all of his calls, he would need $240 million, which was more than he had publicly shown in his E-Trade account.

As of Thursday evening, the total value of Gill's portfolio exceeded $268 million, an increase of $58 million from its value on June 2.

GameStop shares surged more than 14% Thursday.

The annual shareholder meeting of the video game retailer was disrupted by computer problems on Thursday due to high demand for the live stream.

GameStop recently raised over $2 billion in an equity sale, taking advantage of the renewed meme rally. The company plans to use the funds for various corporate purposes, including acquisitions and investments.