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The T-REX 2x Long GME Daily Target ETF (GMEU) recorded a turnover of $4.26 million on its Apr. 24 debut, according to ETF analyst Eric Balchunas. This made it one of the most successful leveraged ETF launches over the last few months.
Launched by REX Shares and Tuttle Capital Management, the GMEU fund exceeded the first-day trading volume of two of the established ETFs, the Nvidia leveraged ETF (NVDL) and the Tesla leveraged ETF (TSLL).
The GME ETF's debut coincides with a major financial event for GameStop. On Mar. 26, the company announced in an SEC filing that it received $1.5 billion in cash from a private offering of convertible notes to "qualified institutional buyers."
GameStop has stated that these notes will not convert to equity until 2030 and their proceeds may be allocated to "general corporate purposes, including the acquisition of Bitcoin." However, a timeline was not mentioned.
Interestingly, on Mar. 26, Saylor asked his 4.2 million followers how much bitcoin GameStop would need to buy to be considered seriously by bitcoin aficionados. Four rising purchase quantities were presented in the 24-hour poll, which received 68,914 votes.
Initially a brick-and-mortar video game retailer, GameStop gained notoriety as a meme stock in 2021, fueled by social media-driven retail traders from Reddit. Since then, the company has tried reinventing itself through Web3, crypto integrations, and capital raises for tech-centric investments.
At press time, the GameStop (Nasdaq: GME) stock was trading at $27.69, up 2.25% over the last day.