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Jim Simons’ Hedge Fund soars with GameStop stock purchase

Jim Simons’ Hedge Fund soars with GameStop stock purchase
Elmaz Sabovic

The stock market community was recently saddened by the passing of Jim Simons, a legendary investor who revolutionized stock trading by implementing quantum mathematics, which yielded substantial results and earned him the title of the most successful investor.

One of the companies founded by Jim Simons, Renaissance Technologies, recently filed a 13F holdings update. This update revealed some unexpected additions to their already diverse portfolio of investments.

According to the latest filing, Renaissance Technologies invested $12,582,000 to acquire 1,004,958 GameStop (NYSE: GME) shares at an average price of $15.02 per share.

Renaissance Technologies GME holding. Source: Whale Wisdom
Renaissance Technologies GME holding. Source: Whale Wisdom

Thanks to the recent surge of GME stock in the previous trading sessions, Jim Simons’ hedge fund is already looking at substantial returns.

Renaissance Technologies is already up almost 300% on GME

Considering the stellar performance of GameStop stock in the past couple of days, fuelled by the renewed meme stock mania and the resurgence of Roaring Kitty, the GME stock has risen by 222% since Renaissance Technologies’ purchase somewhere by the end of March.

GME stock surge since Renaissance Technologies purchase. Source: Google Finance
GME stock surge since Renaissance Technologies purchase. Source: Google Finance

The current value of the Gamestop shares investment, initially acquired at an average price of $15.02 per share, has surged to approximately $49 million. This substantial increase reflects the current price per share of $48.75, with gains surpassing the $50 million threshold easily considering the pre-market price of $56.07 at the time of writing. 

Calculating the percentage increase from the initial investment of $12,582,000 to its current value yields a remarkable rise of around 289.45%. 

Bitcoin also found its way into Renaissance Technologies’ portfolio

Besides GameStop, Renaissance Technologies has also entered the realm of spot Bitcoin ETFs with a strategy focused on small, diversified investments. 

Their total investment across various platforms, including Fidelity Wise Origin Bitcoin ETF (FBTC), Bitwise Bitcoin ETF (BITB), Ark 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), and Grayscale’s (GBTC) amounts to $11,939. 

Albeit a small investment, it might signify the willingness of the hedge fund to invest in Bitcoin (BTC).

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