In a move that has sent ripples through the retail investor world, Susquehanna International Group, LLP (SIG) has significantly increased its stake in GameStop Corp. ($GME), adding 3,620,942 shares to its portfolio.
This acquisition brings SIG’s total position in GameStop to a staggering $150,561,993, according to the latest quant data.
The news comes on the heels of a series of bullish signals for the gaming retailer, including insider buying and a surprising admission from a veteran analyst who now believes they underestimated GameStop’s potential.
Let’s dive into the details of SIG’s massive investment, the sentiment among investors, and what this could mean for GameStop’s future.
Susquehanna’s Unexpected Move: A Deep Dive
Susquehanna International Group, a major player in the financial markets known for its quantitative trading strategies, has been steadily increasing its GameStop holdings over the past few quarters.
According to data from Quiver Quantitative, SIG’s position in GameStop grew by 158.06% in Q3 2024, with the firm holding 2,576,108 shares valued at approximately $59,070,156 at the time.
A subsequent filing on February 14, 2025, revealed that SIG further increased its stake to 3,124,667 shares, valued at $97,927,064 as of December 31, 2024.
The latest addition of 3,620,942 shares, as reported on May 14, 2025, marks another significant leap, bringing SIG’s total position to $150,561,993.
This move underscores SIG’s growing confidence in GameStop, a company that has been a focal point of retail investor enthusiasm since the meme stock frenzy of 2021.
SIG’s involvement isn’t limited to direct share ownership—the firm also holds substantial derivative positions, with call options representing 6,337,900 underlying shares (valued at $198,629,786) and put options representing 3,097,100 underlying shares (valued at $97,063,114).
The put/call ratio suggests a balanced but active approach to managing its exposure to GameStop’s volatility.
This acquisition isn’t an isolated event.
Quiver Quantitative’s data shows that 156 institutional investors added GameStop shares to their portfolios in the most recent quarter, while 110 reduced their positions.
SIG’s move, however, stands out due to its scale and the firm’s reputation as a market player.
The question on everyone’s mind: what does SIG see in GameStop that’s driving this aggressive accumulation?
Investor Sentiment on X: A Mix of Excitement and Skepticism
The news of SIG’s massive share purchase broke on X sparking a flurry of reactions from the GameStop community.
Investors are weighing in on what this could mean for $GME.
The sentiment, as reflected in the replies, is a mix of bullish enthusiasm, cautious optimism, and outright skepticism.
- Bullish Excitement: Several users expressed optimism about SIG’s move. @emcverse exclaimed, “Whoaaaa there. Thats alot. LFG $gme do many stacking upppp,” accompanied by a celebratory image, reflecting the “Let’s F***ing Go” (LFG) sentiment popular among GameStop’s retail investor base. Similarly, @carminbaconawa took a long-term view, simply stating, “Long-term bullish,” suggesting confidence in GameStop’s future growth. @bendingbow added a lighthearted comment, “That’s a lotta slices of pizza,” highlighting the sheer size of SIG’s investment in a playful way.
- Skepticism and Concern: Not all reactions were celebratory. @Christopher Briggs questioned the nature of the shares, asking, “Real shares or synthetic ones?”—a nod to ongoing concerns among GameStop investors about market manipulation and the creation of synthetic shares by hedge funds. @Zia_11_11 echoed this sentiment, speculating that SIG and other institutions like BlackRock might be buying shares “not to partake but to desperately lend out for nefarious friends,” pairing the comment with an image of the Hulk angrily shouting “LFG!!!!” @CountryPrideEnt added, “Great they will just loan them out. Might be fake share anyway,” reflecting distrust in institutional motives.
- Speculation: Some users interpreted SIG’s move as a sign of fear among short sellers. @Hans04040003 commented, “Someone is really scared,” suggesting that SIG’s accumulation might be a defensive move against a potential short squeeze. @Commonsensepre2 noted, “But no one is selling,” implying that retail investors are holding firm, potentially putting pressure on short positions. @mayobusters took a more accusatory tone, asking, “WTF – where all these shares are comin from?! #GME #Kengriffinliedunderoath #vladtenevliedunderoathtoo,” referencing past allegations of misconduct by financial figures like Citadel’s Ken Griffin and Robinhood’s Vlad Tenev during the 2021 GameStop saga.
The X reactions paint a picture of a divided but highly engaged investor community.
While some see SIG’s investment as a bullish signal that could propel GameStop to new heights, others remain wary of institutional involvement, fearing it could be a precursor to more market manipulation.
This tension reflects the broader narrative around GameStop—a battle between retail investors and Wall Street that has defined the stock’s trajectory for years.
Also Read: An IB Has Now Been Caught Misreporting Short Sales For Over 14 Years
Bullish Signals: Insider Buying and Analyst Reversal
SIG’s share purchase isn’t the only reason for optimism around GameStop.
Recent developments involving insider buying and a shift in analyst sentiment further bolster the case for a bullish outlook.
Insider Buying: Alain Attal’s $257,500 Bet
On April 11, 2025, I reported that GameStop director Alain Attal made a significant purchase of 10,000 shares at $25.75 each, totaling $257,500.
Insider buying is often seen as a strong signal of confidence, as executives and directors have an intimate understanding of a company’s operations and future prospects.
Attal’s move wasn’t a one-off event—insider buying at GameStop has become a trend, with other insiders also increasing their stakes.
For example, Lawrence Cheng purchased 4,140 shares over the past six months, while other executives like Daniel William Moore and Mark Haymond Robinson have been active in the market (though they sold shares, totaling 7,375 and 18,447 shares, respectively).
Attal’s purchase, in particular, sends a powerful message.
As a seasoned director, his decision to invest $257,500 of his own money suggests that he sees significant upside potential for GameStop.
Insiders are likely betting on catalysts such as a turnaround in GameStop’s core gaming retail business, new ventures, or the company’s ability to leverage its loyal shareholder base.
This insider confidence aligns with SIG’s aggressive share accumulation, reinforcing the idea that GameStop may be on the cusp of a major breakout.
Also Read: Schwab Warning: Thousands Are Now at Risk of Margin Calls
Veteran Analyst Admits They Were Wrong
Adding to the bullish narrative, a veteran analyst recently revised their stance on GameStop, admitting they were wrong about the company’s prospects.
The analyst acknowledged GameStop’s “impressive recent performance and unexpected strategic shifts,” which have forced a reevaluation of the company’s future.
Once viewed as a fading brick-and-mortar retailer, GameStop has been making strides to redefine itself in a digital landscape, with moves into cryptocurrency and other innovative ventures.
The analyst’s reversal is significant because it reflects a broader shift in perception among Wall Street professionals.
GameStop, under the leadership of Chairman Ryan Cohen, has been working to transform its business model, focusing on e-commerce, customer experience, and strategic partnerships.
The fact that veteran analysts are now willing to admit they underestimated GameStop’s potential is a testament to the company’s resilience and adaptability—a sentiment that likely resonates with institutional investors like SIG.
Also Read: SEC Now Responds to Retail Investors on Illegal Manipulation
What Does This Mean for GameStop?
The combination of SIG’s massive share purchase, insider buying, and a veteran analyst’s reversal paints a compelling picture for GameStop.
On one hand, SIG’s investment signals institutional confidence in the stock’s upside potential, potentially driven by expectations of a short squeeze, operational improvements, or broader market dynamics.
The firm’s derivative positions—holding call options on 6,337,900 underlying shares—further suggest that SIG is positioning itself for a significant upward move in GameStop’s stock price.
On the other hand, the skepticism among retail investors on X highlights the challenges GameStop faces in overcoming its controversial past.
Allegations of market manipulation, synthetic shares, and institutional lending practices continue to fuel distrust among the retail community, which has been the backbone of GameStop’s resurgence.
For GameStop to fully capitalize on this bullish momentum, it will need to deliver on its strategic initiatives and maintain the support of its loyal shareholder base.
From a market perspective, SIG’s move could have a ripple effect.
Institutional buying often attracts more attention from other funds, potentially driving up demand for GameStop shares.
At the same time, the lack of selling pressure from retail investors—as noted by @Commonsensepre2—could exacerbate any short squeeze scenario, putting pressure on hedge funds with bearish positions.
Also Read: Expert Predicts Massive Panic Will Trigger Short Squeeze Across the Market
Why This Matters
Susquehanna International Group’s addition of 3.6 million shares to its GameStop portfolio is a game-changer, signaling strong institutional interest in a stock that has defied expectations time and again.
Combined with insider buying from the likes of Alain Attal and a veteran analyst’s admission of being wrong about GameStop, the bullish signals are hard to ignore.
However, the mixed sentiment on X reminds us that GameStop remains a polarizing stock, caught in a tug-of-war between retail and institutional forces.
For investors, GameStop is a stock to watch closely.
Whether you’re a long-term believer in the company’s turnaround story or a trader looking for the next short squeeze, the latest developments suggest that GameStop’s story is far from over.
The question now is whether GameStop can harness this momentum to deliver the kind of transformative growth its supporters have been waiting for.
But I’m curious to know what you think — leave your thoughts below or start a discussion in the Retail Investor Forum.
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