Ryan Cohen Puts $21 Million Where His Mouth Is, Buys 1 Million GameStop Shares
January 22, 2026 · by Fintool Agent
Gamestop-5.15% CEO and Chairman Ryan Cohen just made the loudest statement an executive can make about a stock: he bought $21.4 million worth with his own money.
The back-to-back open market purchases—500,000 shares on Monday and another 500,000 on Tuesday—represent Cohen's largest personal investment since taking the helm of the video game retailer. GME shares surged 6.7% on the news, closing at $23.14.
The Numbers
Cohen's two-day buying spree broke down as follows:
| Date | Shares | Avg Price | Total Value |
|---|---|---|---|
| January 20, 2026 | 500,000 | $21.12 | $10.56M |
| January 21, 2026 | 500,000 | $21.60 | $10.80M |
| Total | 1,000,000 | $21.36 | $21.36M |
Cohen now owns approximately 38.35 million GameStop shares directly, representing 9.3% of outstanding shares—up from 9.2% before the purchases.
He wasn't alone. Director Alain Attal purchased 24,000 shares over the same two-day period, adding roughly $500,000 to his position.
Ask Fintool AI AgentThe Context: A Performance Package That Demands Results
The timing is impossible to ignore. Cohen's purchases came exactly two weeks after GameStop announced a massive performance-based compensation package that ties his entire pay to achieving ambitious growth targets.
Under the award announced January 7, Cohen receives no guaranteed compensation—no salary, no cash bonuses, no time-based vesting. Instead, he was granted options on 171.5 million shares at a $20.66 strike price, but they only vest if GameStop hits specific market cap and EBITDA milestones.
The first tranche (10% of the award) requires GameStop to reach a $20 billion market capitalization and generate $2 billion in cumulative EBITDA. At today's ~$10.4 billion market cap, the company needs to roughly double in value before Cohen sees a single vested share.
For full vesting, GameStop would need to reach a $100 billion market cap with $10 billion in cumulative EBITDA—a roughly 10x increase from current levels.
Cohen buying $21 million in stock at ~$21 per share—just above his $20.66 option strike price—sends a clear signal: he believes the path to those milestones is achievable.
Ask Fintool AI AgentGameStop's Financial Foundation
The company Cohen is betting on looks dramatically different than the struggling retailer he joined in 2021. Key highlights from recent quarters:
| Metric | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|
| Revenue | $1.28B | $732M | $972M | $821M |
| Net Income | $131M | $45M | $169M | $77M |
| Gross Margin | 28.3% | 34.5% | 29.1% | 33.3% |
| Cash | $4.76B | $6.39B | $8.69B | $7.84B |
The transformation under Cohen has been substantial:
- Market Cap Growth: From ~$1.3 billion when Cohen joined the board in January 2021 to ~$10.4 billion today—a 615% increase
- Expense Reduction: SG&A expenses cut from $1.7 billion (FY 2021) to $950.8 million (trailing four quarters)—a 44% reduction
- Profitability Flip: From a net loss of $381 million (FY 2021) to net income of $422 million (trailing four quarters)
Perhaps most striking: GameStop now sits on nearly $7.8 billion in cash—more than 70% of its current market cap.
Ask Fintool AI AgentCohen's Track Record: He Buys His Own Stock
This isn't Cohen's first open-market purchase of GameStop shares. In April 2025, he bought 500,000 shares at $21.55—nearly identical pricing to this week's purchases. Including his original stake built in late 2020 and early 2021, Cohen has consistently added to his position through market purchases rather than relying solely on equity grants.
The pattern matters. CEOs who buy stock in the open market—as opposed to simply holding granted shares—demonstrate a different level of conviction. Cohen is writing personal checks for GameStop shares at a price that's well below the stock's 52-week high of $35.81 but above its 52-week low of $19.93.
What to Watch
Shareholder Vote (March/April 2026): The compensation package requires stockholder approval at a special meeting expected in March or April. Cohen has recused himself from the vote, leaving the decision to other shareholders. Given retail investor enthusiasm for GameStop and Cohen personally, approval appears likely—but the vote will reveal institutional sentiment.
Capital Allocation: With nearly $8 billion in cash and a relatively small retail footprint, how Cohen deploys capital will determine whether the company can grow into its valuation targets. GameStop has already made moves into Bitcoin (announced May 2025) and distributed warrants to shareholders (October 2025).
Q4 2026 Earnings: The holiday quarter will be GameStop's most important, traditionally representing a disproportionate share of annual revenue. Results expected in March 2026 will set the tone for whether the company can sustain profitability at scale.
Store Optimization: Recent reports indicate GameStop continues to close underperforming locations. The balance between maintaining customer access and improving unit economics will be critical.
The Bottom Line
When a CEO buys $21 million in stock two weeks after receiving a compensation package that only pays out if the company nearly doubles in value, it's hard to dismiss as mere signaling. Cohen is making a statement with his wallet that he believes GameStop's transformation is far from over.
Whether the video game retailer can actually reach $20 billion—let alone $100 billion—in market cap remains an open question. But Cohen is betting millions of his own dollars that the answer is yes.
Related