GameStop $GME ( ▼ 5.15% ) shares are ripping after famed investor Michael Burry disclosed that he has been buying the stock again. The “Big Short” investor made the announcement in a new Substack post, reigniting interest in one of the market’s most infamous meme names.
The stock had already been moving on anticipation, but Burry’s confirmation sent trading activity into overdrive.
Burry Sees Value Near Book
In his post, Burry said he believes he is buying GameStop at roughly 1x tangible book value or net asset value. He also pointed to Ryan Cohen’s role in deploying the company’s capital and cash flows as a long-term positive, suggesting he is willing to hold the shares for years.
That framing shifts the narrative away from pure meme momentum and back toward a deep value angle, at least from Burry’s perspective.
Options Traders Pile In
The reaction in the derivatives market has been just as intense. Trading volume in the stock surged to more than six times its typical midday level, while call option activity more than doubled versus its recent average. The most active contracts are short-dated calls expiring this Friday with strike prices clustered in the low-to-mid $20s.
GameStop has long traded on a mix of nostalgia, retail enthusiasm, and larger-than-life personalities. Burry’s return adds another “main character” to the story, something the stock has not had since Roaring Kitty’s brief reappearance sparked the last meme rally in 2024.