GameStop CEO Ryan Cohen buys $10 million worth of GME shares as part of Bitcoin buying plan.
Earlier this week, the company completed a $1.5 billion capital raise, with most of the funds to be used to purchase Bitcoin.
Author: Christian Sandor | Edited by: Stephen Alpher Updated: Apr 4, 2025 1:43 pm Published: Apr 4, 2025 1:02 pm
What is important to know:
- Ryan Cohen, GameStop's chairman and CEO, increased his stake in the company by purchasing an additional 500,000 shares for $10.78 million.
- Cohen currently owns 8.4% of the company's total outstanding shares.
- The purchase follows GameStop's decision to invest in bitcoin as a reserve asset for the Treasury and the completion of a $1.5 billion capital raise earlier this week.
Ryan Cohen, chairman and CEO of video retailer GameStop (GME), has increased his stake in the company after the firm decided to add Bitcoin (BTC) as a reserve asset for treasuries.
Cohen purchased an additional 500,000 shares of the company's Class A common stock at $21.55 per share, or about $10.78 million, according to a filing Thursday with the U.S. Securities and Exchange Commission (SEC).
The document states that the purchase increases Cohen's total shareholding to 37,347,842, which equates to approximately 8.4% of GameStop's total outstanding shares.
Cohen’s purchase comes after GameStop’s board approved a plan in late March to invest some of its cash in Bitcoin. The company also issued $1.5 billion in convertible notes to raise funds for its BTC acquisition strategy. That capital raise was completed earlier this week.
GME shares were up slightly in premarket trading after falling more than 7% on Thursday amid a rout in U.S. stocks in response to President Trump's tariff announcement.
