SGB 🔱

all in $LQWD ⚡️

[SGB 🔱 @RS741999]

@BitcoinWhitcomb @LQWDTech Thanks Lqwd⚡️Team for the Update, much love ❤️

[SGB 🔱 @RS741999]

@ThePPseedsShow Congratulations man 👏

[SGB 🔱 @RS741999]

@GoatBeardzDD Today we Ball

[Big E @E_Motion3]

$GME

[The Skeleton Key @skeleton_k3y]

Roaring Kitty gave the signal.

+++++

$TSUKI knows everything $GME

[SGB 🔱 @RS741999]

@mlukew @alpha5tate @GoatBeardzDD put alot of Work in his research and that's the result people like his explanation and his Work pay of. He is good nothing wrong

[SGB 🔱 @RS741999]

@AlisaHu75746765 @ThePPseedsShow Not gonna happen.. FED is the Financial Snake who controls the world's stage...

[SGB 🔱 @RS741999]

@PhantomBlack699 Men i hope 🙏 💜

[SGB 🔱 @RS741999]

@michaeljburry Hey is saying we good and there has benefits no BUY THE FUCKING DIP generation like you back then. CONGRATULATIONS 🤯🔥

[Goatbeardz @GoatBeardzDD]

NEW $GME ARTICLE IS OUT!

Key points:

- GameStop is now essentially OUT of their federal NOLs

- Ryan Cohen has followed the activist playbook almost exactly

- The OCC memo timing is not exact with BBBY due to the nature of restructure

And finally, the 55 hints we have seen all week are most likely GameStop hinting they have their $55 billion ready to be committed.

Have a great weekend everyone!

[DrEyeball @dr_titjacques]

$GME: EMOJI 'GAME THEORY'

The more I look at Keith Gill’s May 2024 emoji sequence alongside everything I’ve been writing about recently — the 2020/2024/2026 fractal, warrant jump risk, the convertible exchange, insider buying, and GameStop’s eBay position — the more I think we may have been reading the emojis too literally.

Maybe they are less a calendar and more a game-theory storyboard.

Keith already gave us the movie reference himself:

The final cemetery standoff from The Good, the Bad and the Ugly.

Three players.

Everyone watching everyone else.

Nobody wants to move too early because the moment one player acts, the others have to respond.

And near the end of Keith’s emoji sequence we get:

🎯 👀 🐶 🇺🇸🎤 👀 🔥 💥 🍻

============================================================

THE COLOR CHANGE

This may be the most important part.

Keith did not simply put a dog, flag and microphone in a row.

The dog and the flag/microphone sit BETWEEN two sets of eyes looking inward:

👀 → 🐶 🇺🇸🎤 ← 👀

The 🇺🇸 and 🎤 also appear to combine into a single visual object.

But then something even stranger happens.

The dog and the combined flag/microphone begin in grayscale.

Then they turn to color.

Only AFTER everything turns to color do we get:

🔥 💥 🍻

I increasingly think the grayscale → color transition may be the actual message.

Grayscale could represent something that exists but is not yet fully visible.

A position being accumulated.

A transaction being constructed.

A plan developing privately.

Color is when the market finally understands what it has been looking at.

The hand gets shown.

Everybody's eyes move toward the same thing.

Then things get interesting.

============================================================

THE CAT BECOMES THE DOG

Keith’s identity has always been the cat.

Roaring Kitty.

Cats stalk. They wait for the right moment. Then they pounce.

That describes 2024 remarkably well.

Keith accumulated 5 million GME shares and 120,000 June $20 calls.

Then he revealed himself.

🐱 → POUNCE.

Calls were almost the perfect instrument for the cat.

But perhaps Keith isn't the cat right now.

Maybe he's the dog.

Dogs behave differently.

Dogs wait.

Dogs watch.

Dogs guard.

Dogs can lie there quietly for a very long time until something finally gets their attention.

And Keith’s last major symbolic posts included Seymour — the Futurama dog waiting, aging and eventually going to sleep.

Then Keith disappeared.

Maybe that matters.

============================================================

WHAT IF THE DOG IS KEITH NOW?

The literal 🐶 connection in 2024 was obviously Chewy.

Keith quietly accumulated 9,001,000 shares before the market understood what he was doing.

But perhaps Chewy also established the metaphor.

Keith can build an enormous position while everyone else is staring at a grayscale picture trying to figure out what he is doing.

By the time the picture turns to color, the position already exists.

That creates a pretty interesting possibility today.

What if Keith is doing exactly what we would expect him to do?

Waiting.

Watching Ryan.

Watching the setup develop.

And quietly building whatever position gives him the payoff he wants.

Maybe shares.

Maybe calls.

Maybe warrants.

Maybe some combination.

We have ZERO evidence that Keith is buying the current warrants.

But somebody has been buying the hell out of them, and both price and volume have increased dramatically since August.

If Keith were building another large position, history suggests the disclosure would probably come AFTER the position was substantially established.

Grayscale first.

Then one day Keith appears.

Position revealed.

Color.

============================================================

RYAN'S DOG

I don't mean this literally.

There is absolutely no evidence Ryan Cohen and Keith Gill are coordinating.

But as a game-theory metaphor, maybe Keith has effectively become Ryan's dog.

Ryan knows what makes him move.

Keith knows how Ryan builds.

They have spent years observing each other.

In 2024, Keith pounced with an enormous options position.

Ryan responded by selling 120 million shares into the resulting demand and converting the volatility into billions of dollars for GameStop.

Both learned something.

Ryan now knows exactly what can happen when Keith sees an asymmetric GME setup.

Keith knows exactly what GameStop can do when he creates one.

So Ryan doesn't have to literally call Keith.

He just has to build something that Keith recognizes.

The dog knows the whistle.

============================================================

THE COMPANY IS SAYING SOMETHING TOO

This is where the present setup matters.

Everything GameStop has done recently increasingly supports the idea that management views the current equity price as unattractive for issuing additional common stock.

GameStop terminated the convertible exchange VWAP early.

It elected to pay roughly $358 million in cash rather than issue the remaining expected equity consideration.

The company has up to $2 billion of repurchase authorization.

Lawrence Cheng bought shares.

Ryan Cohen bought another 1 million shares around $20.

None of that formally proves the board believes GME is undervalued.

But taken together, the capital-allocation message is difficult to miss:

They are preserving equity at these prices rather than eagerly selling more of it.

That is a dramatically different backdrop from June 2024.

============================================================

AND THERE IS A CLOCK

This may be the most important corporate incentive of all.

GameStop has roughly 59 million warrants outstanding at $32.

If exercised for cash, they can potentially bring approximately $1.9 billion into the company.

But they expire October 30.

So this is not some abstract five-year opportunity.

There is a very short window.

GameStop cannot manipulate its stock price upward, obviously.

But management absolutely can pursue legitimate actions that surface value: corporate developments, strategic transactions, capital allocation, disclosure of material developments when appropriate, execution around eBay, or simply allowing an improving fundamental story to become visible.

And economically, the company has an unusually large reason for the market to recognize that value before October 30.

At ~$20, the warrants expire worthless.

Above $32, the capital structure changes considerably.

That makes the next seven weeks extremely interesting.

============================================================

THE COMBINATION

Then comes 🇺🇸🎤.

One interpretation I continue to like is Liberty Media + SiriusXM.

Liberty.

Radio/music.

And Keith appears to visually COMBINE the emojis.

If that interpretation is directionally correct, perhaps the important concept is not SiriusXM itself.

Perhaps it represents a combination.

A merger.

An acquisition.

Two things becoming one.

Now compare the sequence with what GameStop has actually done.

🎯 Identify the target.

👀 Watch.

🐶 Quietly position while everyone waits.

🇺🇸🎤 Pursue the combination.

Then eventually the picture turns from grayscale into color.

The market finally understands the full transaction.

Again, I am NOT saying Keith somehow predicted GameStop buying eBay two years ago.

But as a description of the playbook?

It is pretty damn interesting.

============================================================

THE GOOD, THE BAD AND THE UGLY

Now put this beside everything else I have posted over the last month.

2020:

Ryan Cohen quietly accumulated GME.

2024:

Keith Gill quietly accumulated millions of shares and 120,000 calls.

2026:

Someone has become extremely aggressive in the $32 warrants.

Meanwhile GameStop has reduced expected equity issuance, used cash to preserve stock, authorized repurchases, accumulated an eBay position, watched insiders buy shares, and created a corporate structure where substantially higher GME prices before October 30 could potentially bring another ~$1.9 billion directly into the company.

Then add the September settlement setup I have been tracking.

The resemblance does not prove causation.

But once again, there appears to be a lot happening while the stock itself remains relatively quiet.

Grayscale.

============================================================

THE GAME THEORY

The cemetery still has three players.

#1 GameStop / Ryan Cohen.

#2 Keith Gill, or another major directional buyer.

#3 The market structure surrounding them — shorts, dealers, convertible hedgers, warrant participants and everyone forced to react to the first two.

Ryan knows what Keith did in 2024.

Keith knows what Ryan did in response.

The market knows both of them know.

Nobody has to communicate.

Nobody has to coordinate.

Every participant only needs to understand the incentives and demonstrated behavior of the others.

That is what makes this a game-theory problem.

Everyone staring.

Everyone waiting.

👀 → ? ← 👀

============================================================

WHAT WAKES THE DOG?

Maybe Ryan has already done most of what he needs to do.

He has positioned the company.

GameStop preserved more equity.

Insiders bought.

The eBay situation provides a fundamental strategic path.

The company has enormous repurchase capacity if the market remains too cheap.

The warrants create enormous potential capital if the market instead recognizes substantially more value.

And there is a finite October 30 deadline.

Maybe Ryan doesn't need to manufacture some giant catalyst.

Maybe he just needs to finish building the field and let the market recognize what is sitting there.

And perhaps Keith — if he is still watching — already understands exactly what is being built.

The cat pounced in 2024.

The dog can wait in 2026.

Maybe the dog quietly accumulates warrants and/or calls while the picture remains grayscale.

Then, at exactly the moment when revealing himself has the greatest effect...

Keith wakes up.

Position revealed.

Color.

============================================================

WHEN DOES EVERYTHING COME TO LIGHT?

That is the question now.

The warrants are pricing increasing jump risk.

The September window I have been tracking is here.

The eBay situation remains unresolved.

GameStop's recent capital allocation increasingly suggests current prices are not where management wants to issue significant new equity.

And there is a very real October 30 deadline if GameStop wants the warrant structure to become economically meaningful.

Meanwhile Keith's last dog went to sleep.

Maybe Keith has absolutely nothing to do with any of this.

Maybe the warrant buyer is completely unrelated.

But if the emoji sequence describes information becoming visible rather than specific dates, the structure is fascinating:

🎯

👀

🐶 🇺🇸🎤

Grayscale.

Quiet positioning.

Waiting.

Then...

COLOR.

Everybody finally sees it.

👀

🔥 💥 🍻

The Good, the Bad and the Ugly wasn't really about who had a gun.

Everybody had a gun.

The tension came from everyone knowing the others were armed and trying to anticipate exactly when somebody would move.

Maybe that's where we are now.

Ryan built the field.

The market is watching.

The dog may still be sleeping.

Or maybe he's already awake and we just haven't seen the position yet.

When does everything finally come to light?

Hopefully soon.

[SGB 🔱 @RS741999]

@GoatBeardzDD Thanks buddy made my day

[SGB 🔱 @RS741999]

@GoatBeardzDD Wen?

[SGB 🔱 @RS741999]

@GoatBeardzDD Let's see what happens

[SGB 🔱 @RS741999]

@GoatBeardzDD What if Ryan drops everyday 20M on Market for 25 Days. Then we know why he said 500M and maybe then it Shoots the warrants ITM

[SGB 🔱 @RS741999]

@MichaelTLoPiano @ryancohen Nice catch 👀

[SGB 🔱 @RS741999]

@MDiener72345

[SGB 🔱 @RS741999]

@BeaBeaKritisch

[SGB 🔱 @RS741999]

@TheColdJack

[SGB 🔱 @RS741999]

@AMKCShaw 2026 September ?