Ryan Cohen, chairman and CEO of video retailer GameStop (GME), has increased the company’s shares following the company’s decision to add Bitcoin (BTC) as a reserve asset in the Treasury.
Cohen acquired an additional 500,000 shares of the company’s Class A common stock, totaling approximately $10.78 million, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Thursday, at $21.55 per share.
The purchase has raised Cohen’s total holdings to 37,347,842 shares, accounting for approximately 8.4% of Gamestop’s outstanding shares.
The Cohen purchase comes just after GameStop’s board of directors, which will approve plans to invest a portion of the cash pile in Bitcoin in late March. The company also issued a $1.5 billion convertible note to raise funds for its BTC acquisition plan. That capital was closed earlier this week.
GME stocks are pushing pre-market trading slightly up after US stocks fell sharply in response to President Trump’s tariff announcements.
