GameStop Stock Moves Higher on Plans to Buy Bitcoin

Core Insights - GameStop Corp's stock has increased by 12.6%, trading at $28.60, following the board's approval to invest in Bitcoin as part of its strategy [1] - The stock has shown an impressive year-over-year increase of 80.8% and has reached its highest level since January, surpassing its 80-day moving average [1] Short Selling and Market Activity - Short interest has decreased by 5.7% over the last two reporting periods, with 28.52 million shares sold short, representing 7% of the stock's available float, indicating potential for further upward movement [2] - Today's options activity is notable, with 231,000 calls and 90,000 puts traded, which is 11 times the average volume, highlighting strong market interest [2] Volatility and Options Trading - The current Schaeffer's Volatility Index (SVI) for GameStop is at 76%, placing it in the 9th percentile of its annual range, suggesting relatively low option premiums, which is advantageous for buyers [3]