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.
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