GameStop Corp (NYSE:GME) shares edged higher before Friday’s opening bell on the news that CEO Ryan Cohen has purchased additional shares of the video game retailer.
Cohen purchased 500,000 additional shares at $21.55 each for a total of $10.8 million, a regulatory filing showed.
The purchase increases Cohen’s share in GameStop to about 37.3 million shares, representing about 8.4% of its outstanding shares.
The purchase was made in the open market on April 3, following recent strategic announcements by GameStop, including plans to invest in Bitcoin.
Shares of GameStop were up over 3% on Friday morning, having fallen 7% on Thursday amid a tariffs-driven selloff.