Investing.com -- GameStop Corp (NYSE:GME) shares climbed 3.6% in after-hours trading on Thursday after CEO Ryan Cohen disclosed the purchase of 500,000 additional shares of the company, signaling a strong vote of confidence in the video game retailer's future.
Cohen's acquisition of half a million shares, valued at $10.8 million, was reported in an amended 13D filing with the Securities and Exchange Commission (SEC). The transaction, executed at an average price of $21.55 per share on April 3, 2025, increased Cohen's ownership to 37,347,842 shares.
This move comes on the heels of GameStop's recent announcement last week, which caught the market's attention when the board unanimously approved an update to its investment policy, incorporating Bitcoin as a treasury reserve asset. The company has also completed an offering of Convertible Senior Notes, raising $1.48 billion, with the proceeds earmarked for Bitcoin purchases.
The market's reaction to Cohen's share purchase reflects optimism around his commitment to the company.