GameStop’s CEO, Ryan Cohen, has bought $10.7 million worth of GME stock just eight days after the gaming retailer revealed its intention to
incorporate Bitcoin into its treasury reserves.
According to a financial disclosure submitted on April 3 to the Securities Exchange Commission, Cohen acquired 500,000 Class A shares of GME at a price of $21.55 per share. He now possesses 8.4% of the company’s stock, amounting to 37,347,842 shares.
GameStop’s stock finished at $23.49 on Friday, reflecting an increase of over 11%. However, the shares have decreased by about 50% since June 6, the day before influencer “Roaring Kitty” resurfaced online after three years to share a screenshot of his GME investments.
This acquisition follows GameStop’s announcement to invest corporate cash into Bitcoin, inspired by Michael Saylor’s investment strategy. The company stated it aims to raise $1.3 billion to purchase Bitcoin through the issuance of convertible senior notes maturing in 2030.
This initiative positions GameStop among several public companies that have recently adopted a Bitcoin-centered strategy, despite a 23% drop from the cryptocurrency’s all-time high of approximately $108,000. Bitcoin was recently trading over $84,100, experiencing a nearly 3% rise in the last 24 hours, a rare positive note among high-risk assets that have suffered declines following stringent trade tariffs by U.S. President Donald Trump.
As it grapples with consumer demand across various categories, the retailer is preparing to acquire Bitcoin.
According to the latest quarterly earnings report, GameStop’s net sales fell by approximately 28% in the last quarter of 2024 compared to the same quarter the previous year. This decline follows a 12% decrease in annual revenue to $10.546 billion over the three years ending in 2024.
In the midst of this sales decline, GameStop also announced last month its intention to close a “significant number” of its physical retail locations.
Edited by James Rubin
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