Ryan Cohen Scoops Up $10M in GameStop Shares Following Bold Bitcoin Bet
GameStop CEO and chairman Ryan Cohen is putting more skin in the game. Just days after the company closed a $1.5 billion capital raise to fuel its new bitcoin treasury strategy, Cohen purchased 500,000 shares of GameStop stock, worth about $10.78 million.
The stock buy, disclosed in a Thursday SEC filing, brings Cohen’s total stake to over 37.3 million shares, or roughly 8.4% of the company’s outstanding stock.
The move comes hot on the heels of GameStop’s decision to convert part of its cash reserves into bitcoin. The $1.5 billion raised through convertible notes will help fund that push into digital assets—a bold pivot for the legacy video game retailer.
GameStop shares dipped over 7% Thursday amid a broader market slide sparked by President Trump’s sweeping tariff announcement. However, the stock saw a modest rebound in Friday’s premarket trading, signaling cautious investor optimism around the company’s crypto-forward strategy—and perhaps Cohen’s renewed show of confidence.
