GameStop CEO Ryan Cohen has purchased $10.7 million in GME stock, eight days after the video game retailer announced its plans to add Bitcoin to its treasury reserve. 

Cohen bought 500,000 Class A shares of GME at $21.55 per share, according to a financial disclosure filed on April 3 with the Securities Exchange Commission. The executive now holds 8.4% of stock issued by GameStop, or 37,347,842 shares. 

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,′ reappeared online for the first time in three years to share a screenshot of his GME holdings.  

The purchase comes after GameStop unveiled plans to pour corporate cash into Bitcoin, taking a cue from Michael Saylor’s Strategy. In a statement, the company said it aims to raise $1.3 billion for the purpose of buying Bitcoin through the sale of convertible senior notes, which would mature in 2030. 

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.

The retailer is preparing to snap up Bitcoin as it continues to struggle with consumer demand across most categories. 

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.   

Amid its sales slump, GameStop also announced last month that it would shutter a “significant number” of its brick-and-mortar shops.  

Edited by James Rubin