GameStop to Acquire Bitcoin With $1.5 Billion as CEO Ryan Cohen Buys $10.8M in Shares

GameStop Corp., led by CEO Ryan Cohen, has announced plans to add Bitcoin to its corporate treasury. The company recently closed a $1.5 billion capital raise, with the funds primarily allocated for Bitcoin acquisition. The board approved the plan in late March, leveraging the company's $6 billion cash reserves.

In line with this strategy, Cohen purchased an additional 500,000 shares of GameStop stock at $21.55 per share, totaling approximately $10.8 million. This raises his ownership stake to 8.4%, or 37.3 million shares, according to a U.S. Securities and Exchange Commission filing.

GameStop shares rose nearly 4% in premarket trading following the announcement. The company is reportedly considering Bitcoin acquisitions below $90,000, supported by its recent issuance of convertible notes.

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