Ryan Cohen Buys GameStop Stock On Thursday: What Investors Need To Know

GameStop Corp GME shares are trading higher in Thursday’s after-hours session after a regulatory filing showed CEO Ryan Cohen increased his stake in the company.

What To Know: In a new filing released after the market close on Thursday, Cohen disclosed the purchase of 500,000 shares of GameStop at an average price of $21.55 per share. The purchases were made in the open market on Thursday.

Cohen now owns a total of approximately 37.3 million shares of GameStop, representing an 8.4% stake in the video game retailer, purchased for a total of approximately $106.85 million.

Cohen’s purchase comes after the company reported fourth-quarter financial results and announced the approval of Bitcoin BTC/USD as a treasury reserve asset last week.

GameStop shares surged on the announcement, but gave back the gains the following day after the company announced plans to offer $1.3 billion of its convertible senior notes in a private offering, and use the proceeds to buy Bitcoin.

GME Price Action: GameStop shares were up 3.41% after-hours, trading at $21.76 at the time of publication Thursday, according to Benzinga Pro.

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