{"id":125974,"date":"2025-03-28T04:16:41","date_gmt":"2025-03-28T04:16:41","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125974"},"modified":"2025-03-28T04:16:41","modified_gmt":"2025-03-28T04:16:41","slug":"gamestop-stocks-hit-restrictions-on-nyse-after-short-volume-rockets-234","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125974","title":{"rendered":"GameStop stocks hit restrictions on NYSE after short volume rockets 234%"},"content":{"rendered":"

Source: Cointelegraph.com NewsThe New York Stock Exchange (NYSE) has imposed a Short Sale Restriction (SSR) on GameStop after volume spiked to levels reminiscent of GameStop\u2019s famous 2021 short squeeze.
\nGameStop (GME) short sales volume \u2014 the total number of shares sold short within a specific timeframe \u2014 rose 234% over 24 hours, reaching 30.85 million shares sold on March 27, according to TradingView data.\u00a0
\nThe SSR kicks in when a stock drops over 10% from the previous day\u2019s closing price. GameStop\u2019s stock fell 22% over the trading day, wiping out its 12% gain from the Bitcoin announcement and then some, according to Google Finance data.
\nAt the time of publication, GME was trading at $22.09.
\nGameStop shorts volume near 2021 short squeeze levels
\nThe rule is applied for the rest of the trading day and the following trading day. Malone Wealth president and CEO Kevin Malone said in a March 27 X post that \u201cGameStop traded 50x more shares today than last Thursday. Not statistically possible without naked short-selling.\u201d
\nGameStop\u2019s short sale volume reached 30.88 million on March 27. Source: TradingViewThe number is close to the levels reached in January 2021 when GameStop stocks famously went meteoric after a \u201cshort squeeze\u201d of the stock, causing significant losses for hedge funds and other short sellers while some retail traders made significant returns.
\nThe highest point reached during that month was 33.26 million shares on Jan. 19.
\nGameStop Bitcoin buy is \u201cdot-comish\u201d
\nGameStop did not specify how much Bitcoin it plans to purchase, but after the markets closed on March 26, the firm announced a $1.3 billion convertible notes offering.
\nHowever, some analysts and commentators have questioned GameStop\u2019s plan to start purchasing Bitcoin. Speaking to Yahoo Finance on March 27, Tastylive founder and CEO Tom Sosnoff said that GameStop’s decision to buy Bitcoin feels \u201ca little dot-comish\u201d to him.
\nSource: Hans Akamatsu\u201cIt feels a little like, oh, I\u2019m going to throw a dot com at the end of my name, I\u2019m going to buy some Bitcoin with our excess cash because we can\u2019t find a company that is going to be accretive,\u201d Sosnoff said.
\nMeanwhile, Bret Kenwell, US investment analyst at eToro, told Reuters on March 27 that \u201cinvestors are not necessarily optimistic on the underlying business.\u201d
\nBiggest day of short sales still goes to Keith Gill\u2019s return\u00a0
\nThe biggest day of short sales still belongs to June 3, 2024, when it reached 46.20 million.\u00a0
\nThis 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.\u00a0
\nRelated: Firms without business models \u2018buy Bitcoin\u2019 \u2014 Angel investor Jason Calacanis
\nGameStop said the convertible senior notes \u2014 debt that can later be converted into equity \u2014 will be used for general corporate purposes, including acquiring Bitcoin.
\nSome analysts see the convertible notes offering announcement as the reason for the stock\u2019s decline.
\nHan Akamatsu said in a March 27 X post that GameStop\u2019s stock is dropping for the same reason Strategy (formerly MicroStrategy) declined after issuing convertible notes.
\n\u201cIn 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,\u201d Akamatsu said, adding:
\n\u201cGME is following the same blueprint now …If GME or BTC goes up a lot, the trade gets very interesting as we have a squeeze opportunity here.\u201d
\nMagazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsThe New York Stock Exchange (NYSE) has imposed a Short Sale Restriction (SSR) on GameStop after volume spiked to levels reminiscent of GameStop\u2019s famous 2021 short squeeze. GameStop… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125974"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125974"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125974\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125974"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}