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Introducing Uncle Bruce… For those who haven’t seen this video, it’s one of the first things that got me genuinely interested in $GME. Redditors long theorized over a warrant issuance for years. Uncle Bruce then theorized GameStop would introduce warrants with some remarkable precision on the mechanics. 16 MONTHS PRIOR to the issuance. A warrant is essentially the right to buy a stock at a predetermined price. The obvious benefit to the company is raising cash. But @gamestop already had $10b. So why warrants? GameStop issued 60M warrants, each exercisable for one GME share at $32. Now take the extreme Reddit theory seriously for a moment. What if there are economic claims on 2B GME shares? If those excess claims carried equivalent rights to the warrant distribution, that could theoretically create 200M warrant entitlements. GameStop only issued 60M. That potentially leaves 140M obligations somewhere outside GameStop. But there’s an obvious objection: Why wouldn’t they hedge at $17? Maybe they would. Unless the position is simply too large. There are only 60M real warrants. You can’t buy 140M that don’t exist. Buy calls at enormous scale and somebody is taking the other side, potentially creating dealer hedging. Buy tens or hundreds of millions of GME shares and your own buying moves GME. That’s the trapped theory. Not that they forgot to hedge. That they can’t fully hedge without the hedge itself becoming the squeeze. And $32 makes things more interesting. As GME rises, the warrants become more valuable. Any unhedged obligations become more expensive. More hedging can create more demand for GME. Then holders exercise. GameStop issues shares for the 60M real warrants. Any theoretical obligations created outside GameStop still have to be resolved by whoever created them. If that ultimately requires acquiring GME shares, they’re trying to find them while GME is already rising. If the Reddit lore is wrong, none of this matters. But if it’s right? GameStop already had $10b. So why would Ryan Cohen choose warrants? Maybe the answer is boring. Or maybe Uncle Bruce figured it out 16 months early. Maybe Ryan Cohen didn’t need more cash. Maybe he wanted to find out what happens when bad actors needs GameStop common stock. I know Uncle Bruce wants to find out. MOASS is here.