GameStop CEO Ryan Cohen purchased $10.7M in GME shares, just eight days after the retailer revealed its plans. Bitcoin is now part of the treasury.
Cohen, in a disclosure of financial information, bought 500,000 class A shares at $21.55 a share. You can find out more about this by clicking here. On April 3, the Securities Exchange Commission received the report. GameStop has now issued 37,347.842 stock shares to the executive, which represents 8.4%.
GameStop's stock closed at $23.49 on Friday, up more than 11%. Shares are down about 50% since June 6, a day before influencer “Roaring Kitty,′ Online reappeared First time in 3 years, share screenshots of GME’s holdings.
The purchase comes after GameStop unveiled plans to pour corporate cash into Bitcoin, taking a cue from Michael Saylor's Strategy. In a press release, GameStop said that the goal is to raise $1.3 billion through the sale convertible senior bonds, due in 2030, for the purchase of Bitcoin.
The plan makes GameStop one of several public companies to adopt Strategy's Bitcoin-focused playbook in recent months, despite the fact that the value of the token has fallen 23% from its all-time-high price of roughly $108,000. Bitcoin was recently trading above $84,100, up nearly 3% over the past 24 hours–a rare upbeat note among risk-on assets that have plummeted following U.S. President Donald Trump’s draconian trade tariffs.
As it struggles to meet consumer demands in most of its categories, the retailer has decided to buy Bitcoin.
GameStop's net sales plummeted roughly 28% for the last three months of 2024 compared to the year-prior quarter, according to the company's latest quarterly earnings Statement. The cooling sales follow a 12% slide in the company's annual revenue to $10.546 billion over the three-year period ending in 2024.
GameStop, which has been experiencing a sales decline for the past few months, announced last month it was closing “a significant number” of brick and mortar shops.
James Rubin is the editor
