GameStop CEO Ryan Cohen Increases Stake After Bitcoin Investment Plan

Cohen's $10.7M stock purchase follows GameStop's $1.5B capital raise to adopt Bitcoin as a treasury reserve asset.

Ryan Cohen purchased 500,000 shares of GameStop stock for $21.55 each, increasing his ownership to 8.4% of the company.
GameStop recently approved Bitcoin as a treasury reserve asset and raised $1.5 billion through convertible notes to fund the initiative.
The stock purchase briefly boosted GameStop's share price by 3.6% in after-hours trading, following an earlier 7% drop.
GameStop's sales have declined significantly, with a 28% drop in the last quarter of 2024, prompting plans to close numerous stores.
The company’s cryptocurrency strategy reflects a high-risk effort to modernize its business model and move beyond its retail roots.