Key Highlights:

• Ryan Cohen, the chairman and CEO of GameStop, increased his ownership by purchasing 500,000 shares for approximately $10.78 million.
• He now holds 8.4% of the company’s outstanding shares.
• This acquisition comes after GameStop’s decision to allocate funds toward Bitcoin as a treasury reserve asset along with a completed capital raise of $1.5 billion earlier this week.

Detailed Overview:

Ryan Cohen, the head of video game retailer GameStop (GME), has boosted his stake in the company amidst ongoing plans to integrate Bitcoin (BTC) into the firm’s financial strategy. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Cohen acquired an additional 500,000 shares of GameStop’s Class A common stock at a price of $21.55 each, totaling about $10.78 million. This latest transaction raises his total shares to 37,347,842, which accounts for around 8.4% of GameStop’s outstanding stock, according to the SEC report.

Cohen’s decision follows GameStop’s board endorsement of a strategy to incorporate a portion of its cash reserves into Bitcoin, further highlighted by a $1.5 billion raise through convertible notes intended for expanding its Bitcoin asset acquisition strategy. Following these developments, GME shares showed a slight increase in premarket activity after sliding over 7% on Thursday due to market reactions to President Trump’s tariff announcements.