Ryan Cohen Expands Stake in GameStop Amid Bitcoin Investment Strategy
Ryan Cohen, the influential chairman and CEO of the video game retailer GameStop (GME), has notably increased his ownership in the company. This move follows GameStop’s strategic decision to incorporate bitcoin (BTC) as a treasury reserve asset, signaling a shift towards embracing cryptocurrency.
In a recent filing submitted to the U.S. Securities and Exchange Commission (SEC) on Thursday, it was revealed that Cohen purchased an additional 500,000 shares of GameStop’s Class A common stock at a price of $21.55 per share. This acquisition amounts to approximately $10.78 million, underscoring Cohen’s confidence in the company’s future.
This latest purchase has raised Cohen’s total holdings to an impressive 37,347,842 shares, which constitutes about 8.4% of GameStop’s total outstanding shares, according to the SEC filing. Cohen’s investment comes on the heels of GameStop’s board approving a significant initiative in late March to allocate a portion of its cash reserves towards acquiring bitcoin.
Furthermore, the company has recently issued $1.5 billion in convertible notes aimed at raising capital to support its bitcoin acquisition strategy. This capital raise successfully closed earlier this week, positioning GameStop to engage more robustly in the crypto market.
As a result of these developments, GME shares have seen a slight increase in pre-market trading, bouncing back after a more than 7% decline on Thursday, which was largely driven by the broader U.S. stock market’s reaction to President Trump’s tariff announcements.
