GameStop's Ryan Cohen buys $26.4 million of stock, weeks after a debt swap added 55.5 million shares

GameStop chief executive Ryan Cohen bought 1,150,680 shares of the company on Monday at a weighted average price of $22.9375, according to a Form 4 he filed with the SEC that evening. That works out to about $26.4 million. The shares were bought in several trades at prices from $22.76 to $23.02.

The stock was up 3.8% at $23.62 shortly before 11 a.m. New York time on Tuesday, according to Nasdaq data, after closing Monday at $22.76. Yahoo Finance noted the shares have risen about 30% over the past month.

What the filings show

After the purchase Cohen directly holds 40,498,522 shares. GameStop reported 504,500,990 shares outstanding as of September 3 on the cover of its latest quarterly report, which puts his stake at about 8.0% of the company.

He was not the only insider buying. Director Alain Attal reported buying 17,500 shares on the same day at about $22.97, roughly $402,000, on top of 5,000 shares he bought at $20 on September 10. He now holds 618,964 shares.

The number behind the purchase: 55.5 million new shares

The more important figure sits in GameStop's 10-Q for the quarter ended August 1. On August 2 the company agreed to swap about $1.4 billion of its convertible notes, $400 million due 2030 and $1.0 billion due 2032, with a small group of holders. The deal closed September 3.

The swap was first meant to be settled entirely in stock, priced off a 35-day average. On August 31 GameStop amended the agreements, cut that averaging window short and paid the rest in cash. Noteholders ended up with about 55.5 million shares plus about $358.4 million in cash. GameStop said it expects to book a non-cash charge on the exchange.

That matters for two reasons. First, the common reading that GameStop retired the debt "with stock instead of cash" is only partly right: more than a third of a billion dollars went out in cash. Second, the share count rose from 448.7 million in early June to 504.5 million by September 3, about 12.4% more shares in three months. Cohen's 1.15 million shares are equal to roughly 2% of what went to the noteholders.

What the last quarter looked like

The same filing shows why GameStop's profits look better than its stores. Net sales fell 18.7% to $790.2 million in the quarter from $972.2 million a year earlier. Operating income rose to $160.2 million from $66.4 million as costs fell faster than sales.

Net income of $298.7 million, or 51 cents a diluted share, leaned on investments. GameStop booked a $166.3 million gain on a derivative tied to eBay stock and a $72.1 million unrealized gain on its eBay shares, partly offset by a $75.0 million loss on digital assets. Earlier this year GameStop made an unsolicited bid for eBay that was rejected, as Yahoo Finance noted.

What traders are watching

• Whether the buying continues. Two insiders bought within two weeks, both at prices close to the current quote.
• The size of the exchange charge, which should show up in the next quarterly report.
• The eBay position, which now swings reported earnings more than the retail business does.
• The range. The stock's 52-week range is $17.79 to $28.10, according to Nasdaq.

Sources: SEC Form 4 filings by Ryan Cohen and Alain Attal (September 21, 2026), GameStop Form 10-Q for the quarter ended August 1, 2026, Nasdaq quote data, Yahoo Finance. This is market information, not investment advice.