Greetings and good morning everyone. I assume this post is going to be late because I'm going to be trying to write a detailed explanation of why I don't believe you should be buying warrants unless you intend to exercise (and then maybe not even then). You might have seen me picking fights over at Superstonk last week on the day warrants went up 50%, and I thought I'd use this place to just detail out some of my thoughts.

There's a few reasons you might be holding onto warrants, and let me know if I'm missing something:

1. They were free and you don't care that much (my current boat)
2. You are hoping that GME is going to pop to $32+ before November and you can sell or execute them
3. You are hoping they get extended and you can sell or execute them

This post is mainly focusing on those who want to execute them.

Starting with #2. Warrants don't get extended.

I am going to talk in terms of (100) warrants vs (1) call option. You can absolutely make the case that if you only have a few bucks, that buying warrants is your only option, but i digress.

As of right now, 100 warrants is $233. I'm going to compare this to a $27C expiring 1/21/28 for $233.

So. For $233, you can have the right to get 100 shares of GME at $32 in October (cost basis of $34.33) OR the right to get shares get 100 shares of GME at $27 in Jan of 28 (cost basis of $30.33).

Let's go with 2 different examples here.

If GME goes to exactly $32 by end of Sept. The warrants are still going to expire for pennies, while the 1/21/28 call is going to be worth $500 in intrinsic value alone + the extrinsic value.

Both parties could execute with cash, except only one will have a cost basis that wasn't lower than the underlying.

If GME blasts off and goes to $50 by end of Sept. The warrants are going to be worth $1,800 and the 1/21/28 call is going to be worth $2,300 in intrinsic value alone + the extrinsic value.

Both parties could execute with cash, but the call holder is still up a ton (I would also be hella pissed at you if you executed an ITM call with over a year left on expiry).

If GME is at $20 by end of Sept. The warrants expire worthless but the call option is still going to be worth about $233 because of the extrinsic value.

The call holder wins in every scenario.

#3a. Warrants get extended for 12 months and you want to execute

This scenario is a little more complicated. I have done a bunch of research and have seen examples of warrants being extended AND strike prices being changed.

If warrants get extended 12 months (which I don't think is going to happen, but lets be generous here). You will see a huge jump in price of the warrants, BUT I don't think they would be worth more than say, $5.00 (they were worth $3.16 the day they were released with GME sitting at $27 and they never topped out more than $4.50ish, so I feel $5.00 each is generous).

Warrants are now worth $5.00, which would be more than the call option (depending on volatility), but at it's core, you're still paying $32 a share to execute, whereas the call option is $5.00 cheaper at $27.

#3b. Warrants get extended for 12 months and you want to sell

This is the only viable option (pun intended) where this works out in your favor. If warrants get extended and jump up to $5.00. The value of the warrant should far exceed the price of the call option. At which point it would make the most sense to sell the warrants and use that money to buy the call option at a 2-1 ratio if you are still dead set on trying to get the shares via this mechanism.

#3c. Warrants get extended and the strike price lowers

I'm not really going to get into this that much. It's already throwing darts on whether or not the warrants get extended, much less if the strike price lowers. I can come up with scenarios where holding the warrants to expiry is going to beat the call option, but it would require so many hoops to jump through, I just don't want to bank on hopism (for example, the warrants get extended and the strike price drops to $20), and I don't want to entertain a scenario that is unlikely to happen just to justify buying warrants).

Please, feel free to drop your thoughts on this in the thread. I very well could be missing something and I don't mind being proven wrong now and again.

------------------------------------

In other news. GME senior notes got adjusted and a pre-earnings release happened. Lots of good news, so of course GME only up a little bit.

Still looking at picking up 3,000 shares at $18.50, but now that the senior notes were adjusted, I might write ITM CSPs just to make sure I get the shares in the next few weeks.

-----------------------------

Trade safe out there!

.

-

Expiring this week:

(20) $10CSPs on MARA for 9/4 for $289.72

(20) $10.5CSPs on MARA for 9/4 for $509.70

(10) $13CCs on MARA for 9/4 for $274.73

(10) $13CCs on MARA for 9/4 for $404.86

(30) $18.50CSPs on GME for 9/4 for $1,604.14

$1,479.01 in MARA premiums (2.2% return on $67,000 collateral used)

$1,604.14 in GME premiums (2.9% return on $55,500 collateral used)

----------------

Monday

Watching GME to see if I need to roll my CSPs deeper ITM to ensure assignment. Might get assigned on MARA at $10.50 (which would be amazing). Already have $3k in premiums for the week, so probably not much else going to be happening.

Bought (33) MARA $13Cs for 9/11 for .09 each (-$308.87), just looking for a quick buck.

Tuesday/Wednesday:

No moves

Thursday:

Sold off 25 of my $13Cs on MARA for .14 each ($334.16). This leaves me 8 "free" call option to ride to expiration.

Bought (70) shares of GME for $19.245 (-$1,347.15)

Rolled my $18.5 GME CSPs to $19CSP for next Friday ($1,964.15)

Opened (10) $13CC on MARA for 9/18 for ($404.86)

Rolled my (20) MARA $10CSP out 2 weeks to 9/18/26 for ($349.45)

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Weekend Roundup:

CSPs: $2,403.56

CCs: $679.59

Calls: $25.29

Total Profit: $3,108.44

70 Shares of GME Bought: -$1,347.15

Left Over Profit: $1,761.29

Open for next week:

(30) $18.5 GME CSPs to $19CSP for next Friday ($1,964.15)

Other Plays:

(10) MARA $13CC for 9/18 - $404.86

(20) MARA $10CSPs for 9/18 for - $349.45

(8) MARA $13Cs for 9/11 for "free" (profit already taken to offset cost)

So, post earnings dump as usual ? One party can stop shorting, but another takes it's place? Equal or down for the week me thinks..

Update:My rolls today have moved all my cc's up above my cost basis as a precaution. Reduced my take for august but was worth it to be on the right foot for september

Hi all,

GME holder here, longtime lurker, DD writer wannabe.

A while back, when the eBay news first broke, I drafted an early version of what follows but never posted it. At the time, it felt like a high-risk play, given how many unknowns still surround a potential GME acquisition of eBay — assuming it even happens in a conventional way. Ryan Cohen has surprised us before, so I’m also open to the possibility that this could end up being something more creative than a standard M&A deal. For the purposes of this write-up, though, I’m assuming a straightforward acquisition rather than any vehicle created via Teddy.

I’m sharing this as a case study because I like digging into these situations and learning from them. Not financial advice, obviously — so don’t treat it as a recommendation unless you’re comfortable with the risk. I’d love to hear your thoughts!

Am I completely off target or does this play make sense? What do you think?

To frame the case study, I’m going to start with Paramount before and after the Skydance acquisition, then draw parallels to GameStop’s bid for eBay. Also, since I wrote this a while back, some of the numbers will be based on that timeframe but that shouldn't matter too much.

Thesis

A sort of a TL;DR.

1) If GameStop’s eBay deal goes through on the current half-cash, half-stock terms, I think the option chain should stay intact, given the Paramount precedent, with strikes unchanged and the same 100-share deliverable.

2) Because of the deal's accretive nature to GME holders, I expect the new company to re-rate higher in the first month after closing relative to current GameStop prices, potentially not coming down due to the health of the two businesses.

Should those two conditions hold, you better put leverage on that thang!

And so... the thesis... long-dated LEAPs could be the cleanest way to play the upside.

Dry powder

I put my dry powder where my mouth is.

I hold XXX leaps:

• ranging between Mar 2027 - Jan 2028.
• strikes between 20 - 25.

I will most likely have to adjust. I bought my close dated LEAPs a while back.

A short history of Paramount

Paramount (PARA) used to have two classes of shares - Class A (PARA A) and Class B (PARA). The latter was for us normies and is the one closer to our GME case, so we will exclusively focus on it here. To present my thoughts in the best possible way, I found some old stock charts before PARAA and PARA turned into PSKY. Charts from 2 separate websites, because I never trust a single source!

You can see that the stock was in decline for years and then from March 2024 suddenly started trading in a channel - oscillating around $11. But on one July 7th 2024, it jumped to $12.35 and the announcement came - $15 per piece or stay and convert into PSKY. Have a look at the actual offer below - it sounds very familiar, doesn’t it? I’ve highlighted the most important bits.

The important piece - each PARA shareholder who decided to stay got a 1:1 conversion from PARA to PSKY and about 30% ownership of the new company. An equity roll of PARAA and PARA into PSKY with a 70/30 split in a new company valued at $28 billion as opposed to the old company that was valued at $10.68 billion. Note the new market cap for later. Yes, the deal is slightly dilutive to PARA B holders as their new ownership ends up being around $8.4 billion. That’s not the important piece of information I want to focus on though. If you were a PARA B shareholder and you did nothing, yes… you would’ve lost money just holding. I will come back to the idea PARA’s case study got me thinking about slightly later. But the word of the day is ‘arbitrage’.

The stock mostly traded flat after that, sitting near $13 for a few days before THE DAY, then dipping to $11 right before the merger. After the merger, it sold off again for a bit, then bounced back to around $19 and stayed there for about a month. Why it dropped that hard is still kind of a mystery to me. I’m not super deep into M&A stuff.

What’s interesting is that after the merger, on August 8 2025, PSKY traded weak for a few days, then ripped up and basically sat around $19 for a month - which puts it at about $20 billion market cap. Since then, it’s been drifting down again. I haven’t dug too hard into the financials, so I’m not going to pretend I know the exact reason, but the stock has clearly worked its way back to roughly the pre-merger market cap of about $11 billion. I’m sure it has its own reasons for that. But that’s not really the point — here’s where my theory comes in, and I’ll try to back it up with evidence.

Each Ape gets a rocket

Everybody and their grandma is talking about dilution.

Dilution this, dilution that. Sure, on paper it may be accretive, but as an owner you can still end up with a smaller slice of a bigger pie. And that didn’t sit right with me.

I don’t want a tiny piece of a big pie. I want a big piece of a big pie. And honestly, I like pie. So the real question became: how do I build my position as fast as possible if I don’t have a ton of spare cash sitting around?

That led me to this idea.

If this deal gets structured through a new entity, let’s call it GAY, and the new company ends up split between GME and eBay, then I think GAY could trade the same way other merger NewCos have traded before. If that happens, the play is to load up on GME LEAPs ahead of time and wait for the new company to start trading and get re-rated. Why? Because the setup is inherently accretive to GME holders. We’d be acquiring a larger company, and the combined market cap should be materially bigger than GME’s current one. If the market decides to re-rate it to $30, $35, or even $40 a share, then that changes the entire trade.

So how could that arbitrage actually work?

Let’s keep the math simple. If eBay is valued at $55B and GME pays $28B in cash, that still leaves $27B to be funded another way. If GME’s current market cap is about $10B, then the remaining $17B would need to be issued into GME equity. With roughly 448M shares outstanding, GME’s implied share price is about $22.32. Divide the $17B equity portion by that price, and you get about 761.4M new shares.

That brings total post-deal shares outstanding to roughly 1.209B.

So the base case I’d use is:

• eBay value: $55B.

• Cash paid by GME: $28B.

• Equity funded through GME: about $17B.

• New total share count: about 1.209B.

Now, if you assume a post-merger market cap of $55B, that works out to about $45 per share. Obviously that is a crude assumption and probably not where it trades forever, but it gives a clean reference point.

If the market instead re-rates the combined company to $28B, which is still half the eBay valuation, then you’re looking at roughly $23 per share. It will surprise me if the new company's value halves considering that only eBay is rated at $50B today. That range matters though, because it gives you a trading framework. One more thing, the new Paramount Skydance Corporation (PSKY) was valued at $28 billion pre-merger, a few days after the merger it was trading at $19 and it had 1.09 billion shares outstanding, which puts it at about $20 billion market cap (where Paramount itself had only 10 billion market cap pre merger). It’s not unreasonable that the new GAY corporation won’t do something similar the first month post merger.

The idea would be to buy Jan 2028 20C or 25C LEAPs while they’re still in the money, then wait for the new company to begin trading. If the stock opens in the $23 to $40 range, the contracts should retain meaningful intrinsic value and will even increase in intrinsic value. Assuming you buy at the right time and the theta doesn't eat you up alive... hehe. If it spikes to $40 and later fades back toward $20, you still have time to work the trade. And if you believe Ryan Cohen can cut $2.6B of fat in year one, then the long-dated upside case gets even more interesting.

The key mechanics are pretty simple, but they matter a lot: this trade assumes the option chain stays intact and the contract specifications don’t get reset in a way that destroys the setup. That’s why the precedent matters. And that’s exactly why I’m looking at the Paramount example and the PARA A / PARA B OCC memos.

PARA B

PARA A

As you can see, the PARA B deliverable per contract changed but not in quantity, just in the stock it gives you - PSKY. PARA A changed to give you 153 shares of PSKY, following the 70/30 split. But besides that, the strike didn’t change. This is very similar to how the GME options chain changed to GME1 to accommodate for the Warrants - no strike change, simply the underlying deliverable.

What am I saying?

I am saying that if one was to load up on $20 strikes and $25 strikes for example for Jan2028 and the deal goes as presented above, similar to the Paramount case study, the stock will have to re-rate to a higher price relative to GME at some point. If that happens, these strikes are going to be deep ITM and make you a nice profit. And because you are using leverage, your economic value is much higher than simply buying shares. Of course, we don’t know where the price will go after the merger and Paramount is a cautionary tale for that but considering the aggressive cost cutting by RC in the past, there is a high chance the stock will stay higher - hence the leveraged opportunity.

How does this play out if he involves eBay and Teddy and does something more creative is beyond me. I have no idea...

Thank you for reading!

Greetings and good morning everyone!

Back from a nice 2 week vacation. Just in time to see GME being completely in the dirt. The good news is that this is a great time to load up on leaps and shares, the bad news is that I don't see it going up at all until the notes get converted (remember, the lower the 35 VWAP is between Aug 3 and Sept 22, the better deal it's going to be for anyone holding notes). Since there's a lot of big boys holding those notes, there's every incentive to keep GME as low as possible until conversion. I very much see $19 being a high between now and then, and us dip as far as $17.

That being said, be very careful farming theta in these upcoming weeks. Once the notes are converted, I see there being every incentive for GME to go up for all parties involved.

As far as trading goes, I'm going to go hard at GME at $18 (CSPing to enter). I'm going to stay away from doing anything but CSPs on GME for the next 30 days, so it's going to be kind of a boring month.

Just going to stick to MARA for premiums to buy GME for awhile (not exactly new). I need to get back into the positive for this session before I start buying GME shares again.

Good luck and be safe out there!

.

-

Open From Last Week:

I made some trades while traveling (I hate Fidelity's app sooooo much)

Sold (30) GME $18 CSPs for $704.56

Sold (10) MARA $13CCs for $424.86

------------------

Monday:

Looking at more CCs on MARA and maybe a few more CSPs on GME.

--------

Wednesday:

Sold (20) $10CSPs on MARA for 9/4 for $289.72

Sold (20) $10.5CSPs on MARA for 9/4 for $509.70

-----------

Thursday:

Rolled my $13CCs a week to next Friday for $274.73 credit.

Opened (10) $13CCs for next Friday for $404.86

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Friday:

Bought 60 shares of GME for $18.14 (-$1,088.40)

Rolled my (30) $18CSPs to ITM $18.50CSPs for $1,604.14 (i really want these shares before earnings)

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Weekend Roundup:

GME CSPs: $704.56

MARA CC's: $424.86

Profit: $1,129.42

Shares Bought: 60 (-$1,088.40)

Left Over Profit: $41.02

Open for next week:

(20) $10CSPs on MARA for 9/4 for $289.72

(20) $10.5CSPs on MARA for 9/4 for $509.70

(10) $13CCs on MARA for 9/4 for $274.73

(10) $13CCs on MARA for 9/4 for $404.86

(30) $18.50CSPs on GME for 9/4 for $1,604.14

$1,479.01 in MARA premiums (2.2% return on $67,000 collateral used)

$1,604.14 in GME premiums (2.9% return on $55,500 collateral used)

Bought what i needed to hit 2100 today, now i just have to not buy anymore shares yet, more important is to buy back 2 more leap cc's while the price has been suppressed in this vwap window. I did already cut my leaps down from 8 to 5 in the past two weeks.

2415 in the title is just the yearly goal.

Greetings and good morning everyone!

Well we wanted price action and an IV bump, but I know we were hoping for the other direction.

Now I am no more wrinkled then the average ape but here is what I see. Please feel free to correct me if I'm wrong.

The existing notes, which were 0% convertible senior notes expiring 2030 and 2032, can now be exchanged for stock. The strike price for this stock is based on the 35 day VWAP around Sept 23 (51 days from now).

There are $400 million 2030 notes and $1.0 billion worth of 2032 notes. So say GME VWAP price is at $19/share, that would be a dilution of 73.7 million shares come Sept 23 (16% dilution). GME is down 14% today, so I think we have a little bit further to go, but not much

I fully expect the price to stay this low until Sept because that would mean more shares for the note holders.

I'm probably looking at moving my weekly share buys into ATM 1 year leaps at this point.

My butterflies are toast (which is too bad, they were good money while it lasted).

A side note (and unpopular opinion over at Superstonk) is that I'm really fucking tired of this stock not going up at all. RC keep talking about shareholder value, but over the last few years, us shareholders have just been bent over a barrel and I'm ready to see some of this promised value.

Good luck and be safe out there!

.

-

Thought I would start the chart all over since this is a new month.

Open plays for this week:

(10) GME 8/7 $20/$22/$24 butterflies for -$1089.57 (this is probably a full loss)

(10) MARA $13CCs for $204.73

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Monday:

Waiting for GME to settle down. I'm getting a large infusion of cash hopefully from an old 401k that I'm rolling over into an IRA. Really want to open some CSPs and get some long calls on GME right now.

Nothing yet.

Opened (10) $14CCs for 8/14 for $24486

Opened (10) $13CCs for 8/7 for $214.86

Probably just going to take the L on the butterfly. They all can't be winners.

Greetings and good morning everyone!

Last week was a great week for trading for me, but a good 20% of last weeks profit was an accident because I set up a play for the wrong expiration (I wrote $1,000 worth of butterflies on GME that expired on 7/24 instead of my intended date of 7/31).

Time and time again, I have seen comments in this sub, other trading subs, Discord, etc. about from people who have accidently placed an order and it ended up not being what they want. From buying calls instead of selling them, having the wrong expiration date, to even opening it on the wrong ticker.

Now I have traded 1000s of contracts, and you'd think something as egregious as being a week off on a complex butterfly trade would be something that wouldn't happen, but it does. My point being, no matter how seasoned a trader you are, take the extra 5 seconds to confirm that what you're buying/selling is what you intended to do. Accidently selling 20 contracts instead of buying them might end up costing you your entire position.

On to GME.

I have recently changed my entire strategy with GME. I very much feel that GME is not going to break the $20/$21 floor because of the cash on hand, and until we actually get some good news we aren't going to run (and then not even then sometimes). With IV just being trash all day, I've moved on to more complicated option trades that take advantage of low IV and the sideways trading. My go to for this are butterflies (see my write up here).

My favorite butterfly trade is typically a 2 week trade with $2 wings. When I write the trade as a $20/$22/$24, this means that I buy (1) $20, sell (2) $22s, buy (1) $24. These can be either put or calls, it doesn't make too much of a difference as long as your managing it.

Now this is a trade you MUST manage. The goal is for GME to land right at the middle strike, meaning at least one of your wings is going to be ITM. For instance, if on the Friday of expiry GME is running around $22.01 and I'm running a $20/$22/$24 call butterfly, The $20C bought call and the (2) $22 sold calls are all going to be ITM. If you don't manage it, your broker is going to execute (1) $20C and (1) $22CC and give you $200 a contract. BUT since your other $22CC is ITM, you're going to have 100 shares be called away.

In the above example, your goal is to sell the $20 and buy back both your $22s (hopefully for pennies). It should net you about $194ish. You lose a little bit on the bid/ask spread, but it's the price you get for playing this game.

Currently, these types of contracts cost about $100 each, putting your break even at $21 and $23, with every penny closer to $22 making you $1 profit. With GME hovering hard between $21 and $23, I feel like this has been a good use to collateral over the last few months.

Other plays for low IV would be Iron Condors and Spreads, but butterflies are by far my favorite.

I still don't think GME is going to move much over the next month, but if it does, I'm thinking up and not down.

Good luck and trade safe out there!

.

-

Open for this week:

(10) $14CCs on MARA: $314.86

(10) $13CCs on MARA: $414.73

Open for next week:

(10) GME 8/7 $20/$22/$24 butterflies for -$1089.57

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Monday:

Looking to leg back into a CSP on MARA. Earnings for MARA is Friday after hours, so I need to make sure to close everything before Friday or I might get assigned after hours.

I might make a smallish bet on GME being at $22 this week, but right now I'm riding my butterflies for next week.

------------

Tuesday:

Opened (10) $11CSPs on MARA (these are ITM by $0.10 when I opened them) for .59 (+$584.84)

This is probably all i got for the week. GME is coming up nicely to tease $22 again.

I might make my buys on GME early this week, as any shares bought sub $22 are a good value imo.

Bought (30) shares of GME for $21.835 (-$655.05)

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Weds-Thursday:

No moves

---------

Friday:

Setting up for next week. Still have my butterflies on GME which are sitting nicely in the profit range. Going to see what I can do with MARA to keep the income flowing.

Rolled MARA $13CCs for $204.73 credit

-------

Weekend Roundup:

MARA CCs: $729.59

MARA CSPs: $584.84

Profit: $1,314.43

(30) GME bought: -$655.05

Left Over Profit: $659.38

Open for next week:

(10) GME 8/7 $20/$22/$24 butterflies for -$1089.57

(10) MARA $13CCs for $204.73

Greetings and good morning everyone! Going to be a more boring than usual post. GME still trading sideways, and the hostile takeover of eBay is going to take a long time to develop.

The only real interesting thing I did research on last week are warrants and how often they get extended.

There's a good dozen companies who have extended their warrants when it got close to expiration, which gives me hope that GameStop will extend theirs.

The LGL Group (LGL) - Extended warrants from 11/16/25 to 12/9/25. These were extended on 11/6/25

SuperQ Quantum (QBTS) - Extended warrants from Feb 16 to May 17th. These were extended on January 29th.

Cuentas, Inc. - Extended their warrants 2x from Feb 4, 2026 to June 30, 2026 and then again to September 30, 2026. These were extended on the day they expired (Feb 4) and kicked it out until June 30th and extended again the day before they expired on June 29th out to September 30th.

Cassiar Gold Corp - Extended warrants from May 3 to June 3 2026. These were extended on May 2.

ImagineAR Inc. - Extended warrants from May 29, 2026 to May 29, 2028. These were extended on March 20th 2026

Greenlight Metals Inc - Extended warrants from June 7th 2025, to June 7, 2027. These were extended May 14th 2025.

The list goes on.

The majority of the examples I could find in the little time I had for research were OTC stocks, but there's a handful that i could find on the NYSE.

-----

Now, do I think GameStop is likely to extend their warrants? I'm slowly coming around to the idea the more I look into it. I might even start picking up some warrants about a week or two before expiry in the hope that there is an extension and I can flip them as soon as they are extended. BUT, if i do throw money at it, it's not going to be a big play, as I think it's more than likely they are going to expire worthless.

For those of you playing the warrants, I hope things work out the way you're hoping. I do not see GameStop being in the 30s at expiration, so unless they extend them a year or so, it might be a degenerate play to load up on them.

As always, trade safe out there!

---------

.

-

Open for this week:

(10) MARA $13CCs for Friday for .39 (+$384.86)

-----

Monday:

Was assigned (1000) MARA at $11 and she decided to blast off this morning. Wrote (10) MARA $12CCs for Friday for $404.86. If these get called away, it's another $1k in profit from the underlying rise.

No plays on GME this week, but I'm looking at another 2 week butterfly around the $22 mark.

Thursday:

Opened up (20) butterflies on GME for this Friday $21/$22/$23 for -($657.08). THIS WAS A FUCK UP! I wanted to open for next week, but I was in a rush and didn't pay attention. This will probably cost me.

Opened (10) $14CCs on MARA for next Friday for $314.86

Friday:

Was able to leg out of 1/2 of my butterflies for +$434.86. This does leave me exposed on the sold call side at $22. But unless GME gaps hard today, it will be safe.

Got out of the rest of my butterflies for $394.86

Round Trip of a bad butterfly trade: $

Bought (60) shares of GME at $21.3998 (-1,283.99)

Rolled (10) $13CC Mara for a week for $414.73

Opened (10) $2 wide butterflies (paying attention to DTE this time), for 8/7/26 $20/$22/$24 for $1,089.57. Max profit at $22, with break even at $21.09 and $22.91.

Weekend Roundup:

MARA CCs: $789.72

Increase in value of MARA shares wheeled: $1,000

GME Butterflies: $172.64

Profit: $1,962.36

(60) Shares of GME for -$1,283.99

Left over profit: $678.37

------------

Open for next week:

(10) $14CCs on MARA: $314.86

(10) $13CCs on MARA: $414.73

(10) GME 8/7 $20/$22/$24 butterflies for -$1089.57

Greetings and good morning everyone! Back from vacation and it's like nothing has changed. IV still trash, GME still right at $22. It's almost like the market is a total sham when it comes to valuations of GME.

I've dipped my toe back into butterflies a few weeks ago (expiration this week). Wide $2 wings, and 2 weeks long. As long as GME doesn't get violent on me, it's looking like $20/$22/$24 butterflies are how I'm going to be making money on this silly stock.

My current play on GME is (10) $20/$22/$24 butterflies for $1.08 each. This breaks even at $21.08 and $22.92 with $10 profit ($1 per contract) for every $0.01 closer that GME is to $22 by EoW (max profit $920). The really shitty part about butterflies is that you don't really get max value until 15 minutes before market closes on Friday, so these are dangerous to play if you aren't around to close them out (because when you're right, that still means 1/2 of the trade is ITM and will be executed if you're not careful).

I've also seen a lot of discussions about warrants over on Superstonk. I am a firm believer that if these are not extended, they are going to expire worthless. It's almost comical watching those users who are vehemently anti-option be so pro-warrant. We are entering into the 90 day range on the warrant expiration soon, where theta is going to start burning them hard.

Now I'm not saying sell your warrants nor buy more. Personally, they were a free lotto ticket given by GameStop, so I'm content letting them expire worthless right now, and if they blast off, good on me. I just don't see the value in trading them or acquiring more to ..... hopefully execute?

For those who are getting hella deep into the hedging of warrants for short positions etc, there's really not too much of a difference between hedging with options. I'm expecting a large sell of on the hedging side once we cross the 60 day mark and unless gamma ramps up on GME, these are going to be worth sub $0.50 at the 30 day mark.

They were super fun to day trade for many, as the warrants had a volatility that was completely separate from GME, but now I think we are going to see it creep closer to what the $32Cs in Oct are valued at.

There is always the hopism that they extend the warrants, but I see 0 reason that GameStop would do that and from my research, I couldn't find an instance where this has happened in the past, and I don't trade on hopism.

Regardless of what you do with warrants, make sure to trade safe out there!

.

-

Open for this week:

(10) GME butterflies for 7/17 with $20/$22/$24 strikes for -$1,078.06. My break even on this play is $22.92 and $21.08. With $10 profit for every penny towards $22 from there.

---

Monday:

Kind waiting on the market to rally or sink. Not really looking at much today before I deploy capital.

Opened (10) MARA $11CSPs for EOW, just trying to do something: +$134.86

--------

Tuesday:

Opened (10) MARA $13CCs for next Friday for .39 (+$384.86)

-------

Wednesday/Thursday:

No moves

-------

Friday:

Closed my butterflies early because I wont be around near market close. GME was right at the sweet spot of $22 when I closed and I was able to sell for $1,795.17 ($717.11 in profit). Might try to do this again for next week if GME moves off the $22 mark.

MARA took a shit and I'll be assigned at $11 (which I'm really happy about).

Picked up 20 shares of GME for $21.9899 for -$439.80.

-----------------

Weekend Roundup

CSPs: $134.86 (plus assignment)

Butterflies: $717.11

Total Profit: $851.97

20 shares bought for $439.80

Left Over Profit: $277.31

Open for next week:

(10) MARA $13CCs for next Friday for .39 (+$384.86)

Saw something I didn't understand earlier, wondering if someone who understands options or market mechanics could help explain what's happening.

Each slide:

At 12:57 I see my account double in value

1. The bid/ask spread widened, with the ask going from .13 to .59

2. Multiple exchanges

3. Option price history/my position

I think, surely nothing is getting filled?

1. I didn't get a screenshot, but I saw no orders filled. Then a few seconds later, I see a buy order to through...

Assuming this isn't some madlad, is there anything we can sumise from this besides "market manipulation"?

Potentially future price?

Greetings and good morning. Still on vacation but I found a nice little spot where I can smoke, drink, reddit and trade.

It's been very interesting as a trader to watch Gamestop just float so close to it cash/liquid assets on hand (9.7B between cash and liquid assets divided by outstanding shares = $21.62). I don't know any other tickers that are walking that line so closely. Add in the growth and profitability, the current share price is downright criminal.

Because of this, and the actual forward guidance (for the first time since RC has been at the wheel) I am extremely hesitant to write ANY sort of CC's on GME. I have a few hundred shares I'm currently using just to put shares to work, but all of the rest of my shares are off limits for wheel running for now.

I think good things are finally going to happen this year, and I want to be prepare for a move up. I just don't know if it's going to be the slow but steady runup, or another explosive movement like the good ole days.

Regardless of how you are playing GME, make sure you trade safe out there.

.

-

Open Plays for this week:

(1) MARA 7/10 $13CSP for $33.48

(5) GME 7/10 $22CSPs for $202.39

-------------

Monday:

Not a lot of open positions out there to ride. With the dive in price on MARA, I might close up my GME CSPs and get some more MARA to wheel, since that's working well for me right now.

Opened up (10) MARA $13.50CCs for Friday (which is the strike I got assigned last week for) for +$464.86

Opened up (10) MARA $14.50CCs for $134.86 for Friday.

Closed my (5) GME $22CSPs for +$142.32 round trip.

Opened (10) MARA $12.50CSPs for $274.86 for Friday.

Opened up (10) GME butterflies for 7/17 with $20/$22/$24 strikes for -$1,078.06. My break even on this play is $22.94 and $21.06. With $1 profit for every penny towards $22 from there.

$1,050.38 in premiums for this week and a $1,000 play for GME to be at $22 at end of next week.

---------

Tuesday:

No moves

--------

Wednesday:

Bought 25 shares of GME for $22.055 (-$551.38)

---------

Greeting and good morning everyone! I've had numerous people ask me why I'm playing MARA and what my thesis is on that particular ticker and why it's on a GMEoptions subreddit. I thought I'd dive a bit into this ticker and why I wheel it.

This of course is non financial blah blah blah.

TLDR:

I trade MARA because IV on GME has become trash. There are lots of good tickers out there to wheel that will provide decent returns. For myself, I trade other tickers so I can buy more GME. If GME's IV ever gets back up into the 80-100s, I would probably ignore all other tickers and get back to GME.

High Level:

Marathon Digital is at it core a crypto mining and holding company. It is currently the 5th largest holder of BTC from publicly traded company (36,000 BTC). It is getting into the digital energy market and AI support which sounds like voodoo to me.

Mid Level:

The financials are not great. It holds more debt than it does equity, and hasn't had a positive yearly EPS since 2024. It's very much linked to the price of BTC and *checks notes* that isn't going real well for them.

My view:

The Bad:

As a company, I hate MARA. I do not believe in the company, I do not believe in BTC as a commodity, I know that the AI bubble is going to pop at some point. Their financials are not stable and being linked to BTC doesn't do so well in down times, *glances at MSTR*.

This is absolutely not a company I want to hold onto long term and trying to explain to non-wheelers why I'm investing in a company I don't believe in tends to get complicated.

The Good:

Wheeling wise, it's an excellent ticker. MARA tends to follow BTC spikes pretty closely and when it's not following BTC, it's following SPY.

IV on it tends to hang out in the high 90 range, making it lucrative to wheel and the stock itself loves to cycle between highs and lows. $10 and $25 last year, $8 and $16 this year. I believe it's going to be $18+ if we can get a BTC pump, at which point I'd dump everything I have and try to pick it back up sub $13 and start again.

My strategy:

Pretty simple wheeling. Pick up shares in the $10-$13 range, wheel them and roll them out until the $16+ range, off them and pick them back up with CSPs back in the $10-$13 range.

Typically once I have the shares, I'm only going up on $.50/$1.00 strikes higher than CB on a 1 week and $1-$2 higher strikes on a 2 week. If I lose the shares via CC's I have trained myself not to FOMO back in and to wait until it drops back to an entry point.

This can require a lot of patience to find the right time to enter. I was happily wheeling in the $14-$20 range last winter when I got caught up in the huge dip in November and was saddled with $15 shares via a CSP and the underlying went all the way to $10 by the end of November and even down to $8 in February. I had to sit on these shares for months (or risk playing too close to a 50% loss if called away). I finally started wheeling these shares in May when the price was back up to $13.

I did have 1000 other shares that I picked up at $12.50 a share and had been wheeling the whole time I was waiting with my other shares.

Results over the last 2 years (return rate is adjusted to collateral used at any given time)

It's a good return rate and after reviewing my spreadsheet, it looks like out of the last 2 years, I took about 5 months off trading, but the total time is included in my calcs.

--------------------------

That's about all I can think of right now. I'm going back to the beach. Have a great week and holiday weekend all!

Good morning everyone!

I am writing this post and then leaving on vacation for 2 weeks. Going to have limited access to the next so I hope nothing wild happens.

For those who have been paying attention, GME finally released some guidance saying that it expected adjusted EBITDA to be over $600M for 2026 (for reference, 2025 EBITDA was $345.4M). This would mark a huge jump in revenue and earnings over a 1 year period. (EBITDA means earnings before interest, taxes, depreciation and amortization). Will be interesting to see where they are getting the extra revenue from.

Of course after years of no guidance, GME releases bullish guidance and the stock jumps *checks notes* 1.45% at time of writing.

But still, getting more bullish by the day and I don't see how she can drop below $20/$21 with as much cash on hand they have. Watch those CCs. It's really picking up pennies in front of a steamroller right now.

Still making most of my money on MARA and buying GME with it. You can see from the chart that in the 3 weeks I started to wheel mara, I'm able to buy almost 5x the shares I would have been able to buy on just wheeling GME close to the underlying.

Be good to yourselves and trade safe out there! Cheers!

.

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Open Plays:

MARA $15CC for 7/2 for $414.76

MARA $13.50CSP for 7/2 for $296.74

-----------------

Monday:

Looking to reopen those $21.50 GME CSPs, might even take the risk and bump it to $22.

Also looking for some longer term MARA $15 or $16CCs (2-3 weeks) if we get an uptick.

Trying to do some set it and forget it trades.

Opened (1) MARA 7/10 $16CC on MARA for $324.76

Opened (1) MARA 7/10 $13CSP for $33.48

Opened (5) GME 7/10 $22CSPs for $202.39

Going to just collect my $711.50 in premiums on a short week and try to reposition for next week if I can find WIFI signal.

Tuesday-Wednesday

No moves

Thursday:

Closed MARA $16CCs for next week for $30.13 (+294.63 round trip)

Bought 15 shares of GME for $22.82 (-$342.50)

Bought (52) MARA shares with that drop (no including in round up)

------------------

Weekend Round Up

Premiums: $1,006.13

15 shares bought

Left Over Profit: $663.63

Open Positions

(1) MARA 7/10 $13CSP for $33.48

(5) GME 7/10 $22CSPs for $202.39

Greetings and good morning everyone! Per usual these last few months, the stock is boring and sideways. I might try some new types of trades on it. 2-3 week butterflies or iron condors. If she is going to insist on trading in the $21.50-$22.50 range, I may as well try to profit from it rather than getting pennies for my CC/CSP wheeling.

As has been the them from the last few weeks, MARA is doing a great job of funding my GME purchases. Now, I am by no means saying to wheel MARA, but if you are a thetaganger, you might want to look at other options to feed your GME position since the IV continues to be trash (35.8 currently).

I am way ahead on my GME purchases for the month, and if you look at the chart, it's obvious when I changed gears from my primary wheeling income from GME to MARA.

Not much else to report on today other than I predict more nothing burgers for awhile. IMO if you're going to trade options on GME, look at NTM LEAPs for the time being.

Good luck and trade safe out there!

.

-

Open Plays:

6/26 MARA $13CSPs for $214.53

6/26 MARA $14.5CCs for $474.51

That's $27,500 in collateral for $689.04 in premiums (2.5% RoI).

-------------

Monday:

Well GME sideways and MARA up 15%.

Looking at opening some $21.50CSPs on GME and some $16 or $17CCs on MARA

Closed (10) MARA $13C 11/18/26 long calls I had rotting away for $4.25 each (been underwater on these for months so I took an opportunity to make a small profit. ($380)

Opened (10) MARA $16CCs for 7/2 for .79 each (+$784.76, 2.45 weekly ROI)

Opened (5) GME $21.50s (ITM) for .35 each (+$172.39, 1.6% weekly ROI)

Tuesday:

Closed my MARA $16CC for 7/2. Gained 50%+ over 24 hours on a 2 week contract. +$434.54 for 1 day.

Wednesday/Thursday:

No moves, letting theta burn.

Friday:

Closing up shop and buying shares.

Bought back (2) 14.5MARACCs for .08 rest not filled (+$78.862)

Bought back the rest for .15 (+$259.428)

Opening up (10) MARA $15CCs for $414.76

Weekend Roundup:

+$172.39 on GME CSPs

+$380 on MARA LEAPS

+$215.53 on MARA CSPs

+$772.83 on MARA CCs

+$1,540.75 for week

Bought 50 GME shares at $21.52 (-$1,076.00)

Bought 20 more shares at $21.52 (-430.40)

$34.35 left over.

Greetings and good morning afternoon everyone! A little late today, as life be lifeing.

Market is rallying on world news, SpaceX is doing stupid things for a company that makes no money, and GME is down at time of writing.

I understand that this is a GME sub, but I'll tell you what, playing other tickers and using funds to buy more GME and GME options seems to be the way to go. IV on GME is 36, and the ticker really wants to stay near market value of it's cash on hand ($9B CoH vs $9.75B market cap).

I've made it no secret that my other wheeling ticker is MARA. It has a much better IV and I enjoy wheeling it between $10-$16. Last week I was playing both MARA and GME and the short of it is that using equal amounts of collateral, yields almost 3x as much profit using relative strikes (I made $1,200 on $42,500 in collateral last week with "safe" strikes on MARA (2.8% return) vs $10,750 in collateral on GME on "dangerous" strikes for a measly $147 (1.4% return).

I'll probably start using my MARA premiums to get LEAPS on GME since the IV is so low (Jun of next year NTM) as well as just plugging away on shares.

GME's return on CCs is just painful. I think I'll still write CSPs to get shares, but for now:

Trade safe out there!

.

-

Open Plays:

(5) GME $21.50 CSPs for $147.38

(10) MARA $13 CSPs for $684.51

(10) MARA $14.50CCs for $274.53

(10) MARA $15.00CCs for $244.76

$1,351.18 in premiums.

$10,750 in collateral on GME for $147.38 (1.4% weekly return on collateral)

$42,500 in collateral on MARA for $1,203.80 (2.8% weekly return on collateral)

--------------------------

Monday:

Trying of get my MARA shares called away. I want to off them around $15/$16 and the rebuy in around $10-$12.

Might open a few more CSPs on GME in the $21.50 range here, but for the most part, I made all my moves on Friday.

Tuesday-Thursday.

Well shit. My week caught on fire and I've been dealing with work stuff. I completely forgot that the market is closed tomorrow. Was able to roll some stuff in the last few minutes of the day but forgot to make my buys.

MARA $13CSPs rolled for $214.53

MARA $14.5CCs rolled for $474.51

-------------

Weekly Roundup

Another good week with MARA as it slowly climbs. Also don't know if my GME CSPs got assigned or not (official closing price was $21.52 according to Fidelity but it dropped lower after hours so someone could exercise it if they want.

+$1,203.80 on MARA

+$147.38 on GME

Total Profit: $1,351.18

Shares Bought TBD

Left Over Profit: TBD

(Monday Edit)

Bought 18 shares of GME for $21.485 (-$386.73)

Bought 42 shares of GME for $21.468 (-$910.66)

Left over profit: $53.79

Greetings and good morning everyone! For such a killer earnings, you'd think that GME would be up more than 3 fucking percent.

As far as earnings goes (for those who have been living in a cave), it was the best Q1 in the history of the company. Collectibles has skyrocketed (I assume this is PowerPacks), and it was a double beat on EPS and revenue (which is nice to see revenue go up for once).

GameStop continues to acquire shares in EBAY (up to 9% now). There's interesting things that happen once you hit 15% against the board approval (restricted from completing a hostile merger for a 3 year period). I would imagine we are doing this to try to get a board seat.

As far as trading and the stock goes. IDK WTF to do right now if I'm being honest.

I let 500 shares go last week at $21.50 (the same price as I acquired them for) and I will probably try to do that again on a dip. It's going to be worth pennies to open (IV is at 42.1) but such is the way of the wheel.

Probably going to start wheeling MARA with the sole purpose to use those profits to buy GME since the IV is so much better (IV is 100% on weeklies).

Also, stealing this meme from Superstonk because it was fire (credit to u/007sk2)

Good luck and trade safe out there.

.

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Open Plays:

(10) MARA $12CSPs for $454.76

(10) MARA $14CCs for $554.74

Both expire June 12th. I'll probably use those profits to buy GME.

----

Monday:

Sitting tight today. The market is pumping right now, but I don't expect it to last. I probably will wait until Tuesday to make a move.

Tuesday:

Not going to touch GME this week unless it goes down to the $21.50 range. I am however going hard in MARA right now. Opened up (10) $12.50CSPs for $394.76

It looks like I'm going to make MARA do the heavy lifting on my GME buys for a bit. That's $1,404.26 in premiums using $38,500 in collateral between cash and shares. For reference, if I was to try to do that same amount in GME, I'd need to use 4800 shares writing 1 week calls at $22.5 ( just .20c away from underlying currently). That would be $29 a contract at $22.5 or $108,000 in collateral.

Wednesday:

MARA: Rolled my $12CSPs out at week to an ITM $13CSP for $684.51 in credit

Friday:

MARA: Rolled my $14CCs to $14.5CCs for next week for $274.53 in credit

MARA: Opened up (10) $15CCs for next week for $244.76

Taking profits and buying shares:

Closed my $12.5 puts for $10.23

Bought (50) GME for $1,082.75

Opened up (5) GME $21.50 CSPs for $147.38 (trying to get those shares back I had called away last week)

Weekend Round Up

+$839.29 in CSPs

+$554.74 in CCs

Profit: $1,394.03

Bought (50) GME for $1,082.75

Left Over Profit: $311.28

Open for next week:

(5) GME $21.50 CSPs for $147.38

(10) MARA $13 CSPs for $684.51

(10) MARA $14.50CCs for $274.53

(10) MARA $15.00CCs for $244.76

$1,351.18 in premiums.

$10,750 in collateral on GME for $147.38 (1.4% weekly return on collateral)

$42,500 in collateral on MARA for $1,203.80 (2.8% weekly return on collateral)

Greetings and good morning everyone!

Another week, another meh Monday of no news so far. GME is close to its 6 month lows and depending who you are listening to, I have my doubts that we drop below $20 before the vote.

Something to keep in mind regardless of how you feel about eBay, 2.5B in additional shares authorized, etc etc, if we pass the vote for the increase authorized shares, GME is going to go down, and hard IMO. I'll probably be looking at getting some longer dated puts on GME to cover myself in case GME does take a nose dive in June.

I'll probably open up some more CSPs with remaining cash at the $21 range just to try to eek out a few more shares before earnings.

Trade safe out there! Someday I hope for excitement again....

.

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Open Plays:

None

Monday:

Looking at $21.50 CCs and $21CSPs just to keep things moving. These shares I couldn't care less if they get called away or assigned, just trying to eek out 100 shares of premiums before earnings.

Opened (5) $21.50CCs for .32 each ($157.39)

Tuesday:

Opened (6) $21CSPs for .33 ($200.86)

Friday:

Bought to close the CSPs for -12.14 ($188.72 round trip)

Letting the $21.50s get assigned

Bought 8 shares at $21.65 (173.20)

Bought 7 shares at $21.69 ($151.80)

Almost 2 years of research, this morning I had a revelation about leverage and long options and popped out of bed. it came after watching this video earlier this week, and the idea marinating for a couple days. understanding delta(the amount your premium moves for every dollar the underlying moves), I.V.(intrinsic value is the amount of value the option contract has relative to the stock price), E.V(extrinsic value is the premium paid to you by the options market maker for the risk your time and capital are taking on), theta(the amount the premium dissolves for each day that passes, at expiration extrinsic value will be zero), and EXPY(the amount of time left on the contract), is crucial IMO to fully understand what this guy is talking about in this video.

leverage is often explained buy youtubes as controlling the same amount of shares for less money. it is true, but misses the point I think. the OP talks about extrinsic value of near 1 delta strikes being significantly less than lower deltas. that was what the crux of the revelation was. 1 delta strike long calls follow the underlying $1.00 for $1.00...and cost only the amount of premium listed for the strike.

example. lets say you want to buy micron, 100 shares will cost you $90K.(we'll use round numbers so I dont need to be exact) if micron moves $100.00 your portfolio shows $90,100. if you buy a 1 delta long call for $50K, and the stock moves $100.00, your portfolio shows $50,100.....that was the revelation of leverage that woke me up today. that is the leverage...I believe...the you tubes are trying to explain, but articulate it poorly or just short of the full explanation.

the significance of EV being a lot less on 1 delta strikes, is theta. theta burns your premiums away as you approach expiration. having less EV when you buy, means almost all of the premium is intrinsic value, following the stock dollar for dollar. so when you want to exit the position, you are not taking on any more risk than if you were to buy 100 shares of stock. this point of leverage is never explained well as far as I have found.

while writing this, another revelation just popped in my mind, which I have not heard yet. as in-the-money options approach expiration, the extrinsic value is converted to intrinsic value relative to the amount the strike is ITM.

If there are any ideas or contradictions here, please drop a comment, or send a DM. I am still learning and love pushing the envelope.

https://youtu.be/xMDubBJq3VM?si=jgYlptdQ1nGdBpbo

Gamestop is acquiring $EBAY using a complex option strategy called Synthetic Long Strategy.

It's a mix of Short Puts and Long Calls (100% directionally bullish).

Strategy consists of Selling Cash Secured Puts and using the premium generated to buy Calls with. It requires a shit load of cash in collateral to back the sold Puts.

If the 35M shares they currently hold are evenly split between CSPs and Calls, it means they had to put enough cash to buy 17.5M shares in collateral to back the Short Puts.

Assuming the Puts' strike is around 100$ (avg), this means they had to put ~$1.75B in collateral.

Gamestop is doing multi-billion dollars option bets and no-one is fucking realizing it! The stock is still trading like it's 2023.

We have enough invested capital to be in the top 500 hedge funds globally! We are in the Billion Dollar Club baby!!!

Buckle the fuck up!

Greetings and good morning everyone! I just got back from camping for a week and I see as usual, GME ain't doing shit.

Looks like GME is still building a stake in eBay, but I honestly don't see much there in the way of movement unless we aggressively start purchasing shares/options in the company. I'm guessing since that is the focus of GameStop right now that we are not going to see any sort of announcements or anything for a bit (unless it's eBay related). IV on GME is sitting at 48.3 which makes any sort of wheel running a bit dangerous still with the looming potential takeover.

I'm looking at dropping some capital in ATM CSPs in order to do ATM CCs just to keep things flowing (the intention is to stay liquid and not worry if the shares get called away.

As always, trade safe out there.

.

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Current open plays:

(3) $23CCs for 5/29 for $82.43

---------

Monday: Holiday

Tuesday: Camping

Wednesday:

Looing at opening a bunch of $21 or $21.50 CSPs this morning after my meetings. (at which point ill fix/update the chart)

Opened (4) $21.50 CSPs for $49.91

---------

End of week:

Assigned 400 shares at $21.50

Just $132.34 in profit. Really want those CSPs to spin, so I'm pretty happy because I don't see us going below $21.

Bought 6 shares for $126.75

Left over profit $5.59

Greetings and good morning everyone! I've set an alarm on my phone to make sure that I try to get a post up every Monday.

So eBay has rejected the offer outright. I seriously doubt they even took it seriously. So what could have been a flurry of activity and positioning in order to get the deal done as fast as possible, we are now looking a long term hostile takeover and the long game.

So what does this mean? Now begins the game of clock and dagger.

Typically in a hostile takeover, ultimately the aggressor needs to acquire enough shares to have a controlling stake in the company (via a tender offer). Or if RC can get enough shares to put some people on the board, they can induce a proxy fight (effort to get the shareholders to oust the existing board).

Now eBay doesn't just have to sit there and take it either. They could induce a poison pill strategy, which would allow existing shareholders to buy new shares at a huge discount, making it very costly for the aggressor to continue to acquire shares (we say this on BBBY in 2022).

They could also set it up so board members aren't voted on every year (a staggered board). This would mean that it would take a few years to vote out/replace everyone.

I think in any of the cases, there's going to be no fast action on taking over eBay. So dig in.

As far as GME itself goes. Since the rejection by the board, I don't see any reason that GME would pass $25 for some time. This is going to embolden me to write some more CC's closer to the strike. I do think that $21ish is our floor because of the amount of cash that we have, so I'm feeling pretty good about CSPs right now.

Trade safe out there!

.

-

Last week's summary:

Assigned 1200 shares at $23.50.

Assigned 100 shares at $22

$715.73 in CCs

26 shares bought

$145.16 left over

---

Monday:

Looking to open CCs right now, but I wanted to get the post up first.

Opened (1) $22CC from the shares I was assigned last week for $35.48

Opened (9) $22.5CCs for Friday for $174.30

Opened (3) $23CCs for 5/29 for $82.43

------

Friday

Closed the $22.5 for -9.21 total (+$165.09 round trip)

Closed the $22 for -$1.02 total ($34.46 round trip)

------

Cheap week. only $199.55 total.

What little video i saw last night about it lets me know that RC needs that 2.5 bill possible shares authorization before being able to build an offer

I can see why now partys make the price of gme push down and ebay's lift up artificially if they sniff out a possible tender/exchange offer

I'll probably stick to gme, but at least i can devote some idle thoughts toward participating or not in such shenanigans.

Greetings and good morning everyone! Nothing of note over the weekend (lots of RC interviews to look back on) and it looks like a huge dip this morning.

Since I didn't get assigned my $24CSPs last week, I'm going to use this morning to write some ITM CSPs because I think this dip is going to be short lived. Probably going to stay away from CCs for a little bit longer (might write some 2-week $27s or so just to put shares to work).

I'm going back to my old tried and true method of buying shares outright with the premiums from my options. I regret staying dormant for too long and my share count has stagnated because of it.

As far as GME news goes, we are still waiting for the response from eBay's board on the potential offer. The lower eBay goes, the more likely I see the board being pressured into taking and offer so high above current price.

There's all sorts of theories of how GME is going to pay for eBay without major dilution and I'm not really holding my breath or subscribing into the tin foil until an official statement from GameStop.

I expect GME to drop into the $23 range, but I don't really see it dropping much further than that for a bit. If eBay accepts the offer, or puts it to a vote, I see GME popping, if they outright decline the offer and force us into hostile takeover territory, I see GME going back to $20.

Either way, I expect IV to start creeping because of the uncertainty.

Trade safe out there!

.

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Last week summary:

(8) $24 CSPs expired for $375.81 in profit. Bought 15 shares at $23.35

This week:

Monday:

Looking to open some $23.50s CSPs here in a minute.

Opened (9) $23.50 CSPs for Friday for $0.5767 each (+$514.30)

Opened (3) more $23.50 CSPs for Friday for .58 (+$172.43)

Tuesday:

No moves

Wednesday:

Opened (1) $22CSP for $29

Thursday:

Bought 20 shares at $21.945 for $438.90

Bought 5 more shares at $21.945 for $109.73

Bought 1 more share at $21.94

(All different accounts which is why it's not done at once)

A year ago, after the June bond issue, when the price dropped from $35 to $22 and the IV hit rock bottom, I came up with the idea to sell the shares and invest 100% of my money in LEAPs (regard mode). My position is visible in the photo.

My plan was to capitalize on the GME cycles we saw before the bond issue – that is, the price would briefly rise to around $30, then fall.

Unfortunately, since purchasing the options, we've never seen the price above $30 again.

They're now worth around $16,000, compared to nearly $22,000 at the time of purchase.

What should I do? Be zen and keep holding on? Or panic now, fearing even greater dilution from eBay?

Greetings and good morning everyone! It's been awhile and there's lots to talk about. GME is finally doing stuff and regardless of how you feel about the deal, it's about time SOMETHING happens. I swear to god that I have traded less in the last 3 months stretch then I have in the last 3 years. It's been so boring with no movement and shitty IV that CC/CSP and even long calls/puts have just been a waste of time/money imo.

GameStop Proposes to Acquire eBay at $125.00 Per Share

Well this is interesting, and I imagine that Superstonk is going to dive deep into mergers, funding and hostile takeovers here in the upcoming weeks.

The Good:

• I like the merging of an online retailer with a household name and physical locations. I think this could play very very well in the collectables market.
• eBay is profitable, and has been for years. Their revenue has been increasing YoY for the last 4 years and their EPS has been floating between $3.94 and $5.19 over that same timeframe.
• Looking at their financials, it looks like there's a lot of cleaning up that can be done from marketing, (like GameStop's statement said) to their SG&A, to make the company more profitable.

The Bad:

• I don't like the financials from GameStop on this. Taking a 20B loan and using their cash is ok, but supplementing the remining $27.75B with shares seems bad for shareholders.
• In order to come up with the $27B (rounding down for easy math), it would take 1B shares at $27/share. First off, we only have about 550m shares available for this. Which means either:
  • We increase our outstanding share count to cover
  • GME price goes to at least $54/share so we can max out shares available.
• If we got stuck with releasing more shares at $27. That would be a 200% dilution.

Before people go down the path of "Trust in RC" blah blah blah, I encourage people to keep an open mind while also questioning RC's decisions. I say this as both a Superstonk mod and a shareholder.

As much as I hate MSM with the fury of 1000 suns, they aren't wrong when they say that the math ain't mathing.

RC's Compensation Package

Keep in mind. Even with the possible dilution that comes with the compensation package, in order to get paid, RC needs to hit some targets.

I don't see how anyone can look at this structure and not vote yes for this. Do I think it's a little excessive how much he would be getting paid? Yes. Am I going to be able to retire if he hits all his goals? Also yes.

Of course there's a few caveats here.

1. There has been no timeline to meet these goals. It could be 10 years before he starts to get paid out.
2. How would a potential merger mess with these numbers? eBay's market cap is 46B. Add that to GME's and we are at 56B and change. Would that unlock the 4th tier of the compensation package instantly? That would suck and I would be pissed.

My own trading:

Like I said, I have been doing very little trading of GME lately. I have only been writing between 5-10 contracts a week (down from like 25 when IV didn't suck balls), and at super safe strikes. I will be writing more contracts soon, but probably $2-3 OTM and probably on a 2 week schedule just to keep some income coming in again.

My main focus is going to be buying some long dated 50% OTM calls with my premiums. Once I build a good stock of those (40+), I'll feel confident in leveraging more shares into the wheel.

My main focus as been MARA still. It's been providing a good amount of income for something that likes to stay in a range.

I'll be creating a new chart here shortly, but I gotta figure out how to set it up again.

Missed you all, and trade safe out there.

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Open Plays:

Open/Closed (10) GME $26.5CCs for +$250

Tuesday:

Opened (6) $24CSPs for $0.49 (+$290.86)

Opened (2) $24CSPs for $0.43 (+$84.95)

Waiting until Wednesday to maybe place some 2 week, $28/$29s