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GameStop stock rose Friday after a regulatory filing showed CEO Ryan Cohen increased his stake in the company.
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Cohen now holds roughly 8.4% of GameStop, the filing said.
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The move comes after GameStop added bitcoin to its corporate investment policy last month.
GameStop (GME) shares jumped Friday after a regulatory filing revealed that CEO Ryan Cohen purchased 500,000 shares of the company.
Cohen bought the shares Thursday at an average price of $21.55, bringing his stake in the video game retailer to more than 37 million shares, or roughly 8.4%, the filing said.
GameStop’s share price popped 11% Friday to $23.49 after closing a day earlier at $21.10, the gains coming as broader markets fell dramatically. (Read Investopedia’s coverage of today’s trading here.)
The purchase came a little over a week after GameStop added bitcoin to its corporate investment policy in an announcement alongside its fourth-quarter results.
The former meme stock has lost about a quarter of its value so far this year, accounting for Friday’s gains. Still, it’s more than doubled over the past 12 months.
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