Crypto Derivatives Exchange FTX Lists GameStop After Reddit-Triggered Upsurge In Prices

Digital Asset derivatives exchange FTX has listed GameStop, a global video game retail chain, after the stock grew into one of the most widespread choices on Reddit’s well-known community dedicated to trading stock market options, dubbed Wallstreetbets.

The recent FTX listing permits virtual currency traders to get in on the action as well. The new offering by the exchange is a part of FTX’s tokenized stocks program, which features both spot and futures markets for well-known stocks and indices. This lets digital asset traders get exposure to stocks using cryptocurrencies and stable coins, apart from fiat options.

It is to be noted that GameStop itself has been in a bumpy financial form for a long time because of which Melvin Capital Management entered a short position in the stock. However, a participant in the r/Wallstreetbets group discovered this short position because of compulsory disclosures with the United States SEC.

Notably, the story has a very similar analog within the digital asset domain. In the summer of last year, the Chainlink community surged against a publicized short position opened by Zeus Capital. The particulars of that event led many to question the exact reasons for declaring the supposed short position.

Somehow, it would be apt to say Reddit’s r/Wallstreetbets is beating hedge funds at their own game.