Ryan Cohen Buys $10.5M in GameStop Stock, Boosting Stake to 9.2%

January 20, 2026 · by Fintool Agent

GME

Gamestop+0.00% CEO and Chairman Ryan Cohen purchased 500,000 shares of the video game retailer on January 20, spending approximately $10.5 million in the open market at a weighted average price of $21.12 per share. The move, disclosed in a Schedule 13D filing with the SEC, boosts Cohen's stake to 9.2%—his largest ownership position since taking the helm—and comes just two weeks after the board granted him a performance-based compensation package potentially worth over $35 billion. 2

GME shares rose 4% in after-hours trading to $21.77 following the disclosure.

The Purchase Details

Cohen executed the trades in the open market on January 20, with individual transaction prices ranging from $20.81 to $21.20 per share. 4 Following the acquisition, he now beneficially owns 41,582,626 GameStop shares, including 37,847,842 shares owned directly and 3,734,784 shares underlying warrants received through a previous warrant dividend distribution.

This marks Cohen's second significant open-market purchase in the past year. In April 2025, he acquired 500,000 shares at $21.55 per share.

Ask Fintool AI Agent

Show me all of Ryan Cohen's insider trades at GameStop over the past 3 yearsPull GameStop's cash position and debt levels over the last 8 quartersCompare GameStop's operating expenses to revenue over the past 2 years

A Bet on His Own $35 Billion Award

The timing is significant. On January 6, 2026, GameStop's board granted Cohen a 100% performance-based stock option award covering 171,537,327 shares at a strike price of $20.66. 1 The award is structured with nine vesting tranches that require both market capitalization milestones and cumulative EBITDA targets.

The first tranche—representing 10% of the award—only vests if GameStop reaches a $20 billion market cap and $2 billion in cumulative EBITDA. 2 The final tranche requires a $100 billion market cap and $10 billion in cumulative EBITDA. With GameStop currently valued at approximately $9.5 billion, the stock would need to more than double just to begin vesting.

Critically, Cohen receives no guaranteed compensation under the arrangement—no salary, no cash bonuses, and no time-based vesting. 3 His entire pay is "at-risk," meaning he only earns if shareholders see substantial returns.

Source: GameStop 8-K, January 7, 2026 4

By purchasing shares at $21.12—above the $20.66 strike price of his options—Cohen is effectively signaling confidence that the stock will appreciate. Shareholders are expected to vote on the performance award at a special meeting in March or April 2026. 5

Ask Fintool AI Agent

Build a scenario analysis: what happens to Cohen's award value at different GME market capsCompare Cohen's performance award structure to Elon Musk's Tesla compensation packageWhat is the implied probability that GME reaches $20B market cap based on options pricing

The Cohen Transformation

Since joining GameStop's board in January 2021, Cohen has overseen a significant turnaround:

Market Cap Growth: GameStop's market capitalization has grown from approximately $1.3 billion when Cohen joined to roughly $9.3 billion today—a 615% increase. 1

Cost Reduction: Total SG&A expenses decreased from $1.7 billion in fiscal 2021 to $950.8 million for the trailing four quarters, a 44.4% reduction. 2

Return to Profitability: The company transitioned from a net loss of $381.3 million in fiscal 2021 to net income of $421.8 million for the trailing four quarters. 3

Financial Position

GameStop now sits on a substantial cash pile and has pivoted its investment strategy to include Bitcoin as a treasury reserve asset.

In March 2025, GameStop's board approved Bitcoin as a treasury reserve asset, and during Q2 fiscal 2026, the company purchased 4,710 Bitcoin for $500 million. 19 The investment policy, overseen by an Investment Committee led by Cohen, also permits investments in equities and fixed income securities. 20

Ask Fintool AI Agent

How much Bitcoin does GameStop currently hold and what is it worth at today's pricesCompare GameStop's cash-to-market-cap ratio with other specialty retailersShow me GameStop's quarterly revenue trend since 2021

The Short Interest Picture

GameStop remains a heavily shorted stock. As of December 31, 2025, short interest stood at 65.8 million shares with a days-to-cover ratio of 13.04—meaning it would take over two weeks of average daily volume to cover all short positions.

The elevated short interest means any sustained rally could trigger short covering, potentially amplifying price moves—a dynamic that fueled the meme stock mania of 2021.

What to Watch

Shareholder Vote: The special meeting to approve Cohen's performance award is expected in March or April 2026. Approval would fully align Cohen's compensation with shareholder returns—he only profits if the stock appreciates significantly. 1

First Hurdle: GameStop needs to more than double its market cap to $20 billion and generate $2 billion in cumulative EBITDA for Cohen's first tranche to vest.

Retail Transformation: The company continues to optimize its brick-and-mortar footprint while expanding into collectibles and digital assets. Revenue has declined from the holiday quarter's $1.28 billion to $821 million in Q3, reflecting the challenging video game retail environment. 2

Bitcoin Strategy: GameStop's cryptocurrency holdings add both opportunity and volatility to the investment thesis.

Cohen's willingness to invest $10.5 million of his own money—on top of the potential $35 billion performance award—sends a clear signal about his conviction. Whether that confidence translates into the extraordinary growth required remains GameStop's central investment question.

Related Companies: Gamestop Corp.+0.00%