Cryptocurrency exchange FTX has listed March futures for GameStop (GME), the stock that is currently trading at around $300 in the pre-market session.
The exchange now has more than 60 tokensied stock listings that gives clients derivatives exposure to the stock market while using cryptocurrency as collateral.
GME has been trading within a parabolic advance since January 13, when it rose from $20 to $40 within a single four-hour candle.
It has gone on to make an 800% move to the upside after trapping in a number of high profile short positions from the likes of Melvin Capital.
We did it guys.
GameStop $GME was the most traded stock in one day today.
We, Wall Street Bets created more volume then $TSLA , the $SPY & Bitcoin $btc with $20 BILLION.
I can't wait for tomorrow. 🚀🚀🔥👀 pic.twitter.com/VLM8V8qKaB
— Reddit Trading 🚀 (@reddittrading) January 27, 2021
Short sellers have reportedly lost a total of $5.5 billion on GameStop this year as retail traders begin to show their power on brokerage apps like Robinhood.
GameStop’s rise to popularity comes after a wave of hype on satirical subreddit page, Wall Street Bets, which attracted a tweet from Tesla CEO Elon Musk.
Astonishingly, GameStop was the most traded asset or stock on Tuesday, with more than $20 billion being traded to see it beat the likes of Tesla, Apple, Microsoft and Amazon.
Today’s trading session is expected to be extremely volatile as under pressure funds begin to unwind short positions while retail traders begin to consider taking profits considering the recent rally.
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