Gamestop CEO Ryan Cohen Purchases $10.7 Million in GME Stock Eight Days After Video Game Retailer Announces Plans to Add Bitcoin to Its Treasury
According to financial disclosures, Cohen acquired 500,000 shares of Class A GME stock at a price of $21.55 per share on April 3, as reported to the U.S. Securities and Exchange Commission. The executive now holds 8.4% of the shares issued by GameStop, totaling 37,347,842 shares.
GameStop shares closed at $23.49 on Friday, rising by over 11%. Since June 6, the stock has fallen by approximately 50%, coinciding with the influential “Roaring Kitty” reemerging online for the first time in three years to share a screenshot of his GME holdings.
The purchase follows GameStop’s unveiling of plans to funnel the company’s cash into Bitcoin, drawing hints from Michael Saylor’s strategy. The company stated its goal to raise $1.3 billion to purchase Bitcoin through the sale of convertible senior notes, which are set to mature in 2030.
This initiative positions GameStop among several publicly traded companies that have adopted Bitcoin strategies in recent months, despite the token’s value being down 23% from its historical high of around $108,000. Bitcoin recently traded above $84,100, experiencing nearly a 3% increase in the last 24 hours, marking a rare optimistic note amidst the ongoing risks following U.S. President Donald Trump’s draconian trade tariffs.
The retailer is preparing to capitalize on Bitcoin as it continues to struggle with consumer demand across most categories.
According to the company’s latest quarterly earnings report, GameStop’s net sales declined by approximately 28% in the last three months of 2024. Over the three-year period ending in 2024, the company’s annual revenue fell by 12%, totaling $10.546 billion.
In light of its sales slump, GameStop also announced that it would close a “significant” number of its brick-and-mortar stores.
Edited by James Rubin
