Ryan Cohen, CEO and chairman of GameStop (NYSE: GME), has significantly increased his stake in the company, purchasing an additional 500,000 shares for approximately $10.78 million. The move comes just days after the company confirmed its plans to allocate a portion of its capital reserves into bitcoin (BTC).
The purchase, disclosed in a filing to the U.S. Securities and Exchange Commission (SEC) on Thursday, was made at a price of $21.55 per share. Cohen now holds 37,347,842 shares of GameStop’s Class A common stock, representing roughly 8.4% of the company’s total outstanding shares.
Bitcoin Strategy Gains Momentum
Cohen’s latest investment follows a bold strategic shift by GameStop, which recently announced that it would begin holding Bitcoin as part of its corporate treasury strategy. The board approved the plan in late March, with the aim of diversifying the company’s balance sheet and positioning itself within the broader digital asset space.
To fund the BTC acquisition, GameStop raised $1.5 billion through the issuance of convertible notes. That capital raise closed earlier this week, with the company stating that most of the funds would be used for its bitcoin purchases.
Investor Confidence Amid Market Volatility
Despite a dip of over 7% in GME shares on Thursday — a decline triggered by broader market turmoil following tariff-related announcements by former U.S. President Donald Trump — Cohen’s purchase appears to have restored some investor confidence. GameStop shares saw a slight uptick in premarket trading on Friday.
Market analysts view Cohen’s move as a strong vote of confidence in GameStop’s long-term vision, especially amid its efforts to transition from a traditional video game retailer to a tech-forward company exploring blockchain and digital asset strategies.
Cohen, best known for founding pet supply e-commerce giant Chewy, has been instrumental in GameStop’s transformation since becoming chairman in 2021 and CEO in 2023. His proactive role and substantial personal investment continue to solidify his influence over the company’s direction.
A Risky but Strategic Pivot
The integration of bitcoin into GameStop’s treasury has sparked both enthusiasm and caution among market observers. While some see it as a progressive step toward modernising the company’s financial strategy, others warn of the inherent volatility associated with cryptocurrencies.
Nonetheless, Cohen’s sizeable purchase suggests he remains optimistic about the firm’s trajectory, even as it navigates the complexities of digital finance.
As GameStop moves forward with its crypto-linked initiatives, all eyes will be on how the market responds — and whether the bold pivot will pay off for both the company and its investors.
