GME Bull Faction
The faction of market participants that are bullish on GME and have a financial interest in the price of the stock going up
- There exists an ongoing conflict surrounding GME where opposing factions compete over the outcome of the GME market price
- In very loose terms, these opposing factions can be defined as "Bears" and "Bulls"
- GME Bulls are market participants that have a position that gains when the share price of GME goes up, for example by owning shares or call options
- Opposed to GME Bulls are GME Bears, who are market participants that have a position that gains when the share price of GME goes down
- GME Bulls in general are proponents of a bull thesis
The faction of GME bulls includes all market participants that have an investment that gains when the market price of GME goes up.
This therefore includes company insiders, such as Ryan Cohen, retail GME shareholders, especially those that hold shares in DRS, institutions that are net-long on GME, and (disputably) Keith Gill.
Keith Gill is disputable because GME cynics will claim that there is no evidence of his continued interest in GME and may also claim that he probably sold.
Some institutions may have both long and short GME positions and therefore their alignment is less clear.
GameStop's financial standing has changed significantly since the turnaround of GameStop began, and thus sentiments and valuations have changed over time as well.
Generally, those that are invested in GME stock believe in some form of GME bull thesis.
Prior to the turnaround, amidst a declining stock price during GameStop's downfall era, some investors such as Keith Gill and Ryan Cohen invested in GME because they believed it was undervalued.
Two important factors based entirely on publicly available information gave me confidence that GameStop was undervalued.
First, the market was underestimating the prospects of GameStop’s legacy business and overestimating the likelihood of bankruptcy. I grew up playing video games and shopping at GameStop, and I plan to continue shopping there. GameStop stores still provide real value to consumers and reliable revenue for GameStop.
Second, I believed that GameStop had the potential to reinvent itself as the ultimate destination for gamers within the rapidly growing $200 billion gaming industry. GameStop had a unique opportunity to pivot toward a technology-driven business by embracing the digital economy. GameStop might be able to find new revenue streams that vastly exceed the value of its current business.
I invested in GameStop because I thought it was cheap. I thought the intrinsic value of the business was worth more than the price that I paid, there was a tremendous amount of skepticism around GameStop and those are the things that I like. I like looking at things where no one is looking at them. Those are usually some of the best opportunities.
Prior to and after the sneeze, hundreds of thousands of retail investors bought shares of GME.
While some number of those retail shareholders certainly sold their GME and left after the sneeze, many have remained ever since.
Due to a lack of transparency, it is difficult to know how many individual investors are holding shares of GME in street name — that is, shares not directly registered but held in brokerage accounts. For example, while in the USA the DTC, which is responsible for managing electronic records of stock ownership, does not share any data publicly that would reveal how many individual investors hold shares of GME.
What can be known clearly is the number of shares that are directly registered, as this number is reported by GameStop, and data from the 2025 viewing of the GameStop stockholder list shows that there are approximately 190,000 individuals with registered shares.
While it cannot be easily confirmed precisely, it is generally safe to assume that there are far more individuals holding in brokerage accounts than hold in DRS, considering that holding shares in brokerage accounts is the default way of doing so, and also that in the ownership pie chart there are far more "remainder" shares than those in DRS.
In any case, it can be seen that of all those shares that were ever DRS'ed in 2021 and 2022, the large majority of them (> 80%) remain in DRS, indicating that those shareholders have been continuously holding GME since that time, demonstrating the long-term conviction those shareholders have in GME even as the stock price has depreciated since its 2021 peaks.
Some that are cynical of GME investors sometimes refer to determined long-term GME shareholders as "cultists", or investors in a "cult stock."
This rhetoric is used to disparage and discredit those investors by insinuating that they are not operating with a valid investment thesis, but rather are driven by delusional, conspiratorial beliefs.
Market sentiment - Wikipedia 
