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GameStop CEO Cohen Buys $10M of GME Shares Following Bitcoin Acquisition Plan
The company earlier this week closed on a $1.5 billion capital raise, with the funds to be mostly used to buy bitcoin.
Ryan Cohen, the chairman and CEO of video retailer GameStop (GME), increased his stake in the company following the firm's decision to add bitcoin (BTC) as a treasury reserve asset.
According to a Thursday filing to the U.S. Securities and Exchange Commission (SEC), Cohen acquired an additional 500,000 shares of the company's Class A common stock at $21.55 per share, totaling approximately $10.78 million. This purchase elevates Cohen's total holdings to 37,347,842 shares, representing about 8.4% of GameStop's outstanding shares, the filing shows.
Cohen's purchase comes on the heels of GameStop's board approving a plan in late March to invest part of its cash pile in bitcoin. The firm also issued $1.5 billion in convertible notes to raise funds for its BTC acquisition plan. That capital raise closed earlier this week. GME shares are slightly up premarket trading after falling over 7% on Thursday as U.S. stocks plunged in reaction to President Trump's tariff announcements.
