In a surprising turn of events, Keith Gill, better known as 'Roaring Kitty' in online communities, revealed that he had traded huge volumes of GameStop Corp. call options late Wednesday as the company's shares plummeted in the final stretch of trading. The GameStop $20 calls, expiring on June 21, were traded a staggering 93,266 times, with a significant portion of the trades occurring after 3:30 p.m.

While the average trade for the day stood at 21 contracts, the trades made during the last period of the day were nearly double that amount. In a social media post earlier this month, Gill claimed to have purchased 120,000 of these contracts, and later hinted that he hadn't closed his position yet. This news propelled GameStop shares to soar to over $45 earlier this month, before experiencing a decline. Capitalizing on the rally, the company managed to sell $2.14 billion worth of shares.

Now, with the expiration approaching, there is uncertainty surrounding whether Gill will exercise the contracts to receive shares or close out his position entirely. While it is impossible to determine if he was involved in the flurry of trading on Wednesday, market analysts speculate that the potential departure of the stock's main supporter may negatively impact its value. As a result, GameStop shares fell by as much as 19% during intraday trading, ultimately closing 17% lower at $25.46.

The $20 calls showed volatility throughout the day, reaching a high of $13.90 each before dropping to $6.40 at the market close. Despite the decline, the price remains above Gill's reported average purchase price of $5.6754 per contract.

The uncertainty surrounding Gill's next move has cast a shadow of doubt over GameStop's future. Investors are now closely monitoring the situation, as his potential exit from the position could significantly impact the stock's performance in the coming days.