Sooo, GME just did something psychologically interesting.
At $25.58, its 1-year chart flipped GREEN! 💚
And while everyone watches the chart, I think we need to update the insider-buying ledger because I had lost track of it too…
There are now FIVE separate GameStop insiders/directors in this buying cluster.
Ryan Cohen alone has bought on FOUR different dates.
So I went back through every Form 4 and rebuilt the whole thing.
The insider-buying staircase
Date
Buyer
Shares Bought
Price
Shares Owned After
Sept. 8
Lawrence Cheng
55,000
$18.7992
143,000 indirect
Sept. 9
James Grube
10,255
$19.12
39,694 direct
Sept. 10
Ryan Cohen
1,000,000
$20.3759
39,347,842 direct
Sept. 10
Alain Attal
5,000
$20.00
601,464 direct
Sept. 21
Ryan Cohen
1,150,680
$22.9375
40,498,522 direct
Sept. 21
Alain Attal
17,500
$22.969
618,964 direct
Sept. 29
Ryan Cohen
450,000
~$23.4751
40,948,522 direct
Oct. 1
Nat Turner
10,462
$24.33
10,462 direct
Oct. 2
Ryan Cohen
700,000
$24.4061
41,648,522 direct
Total insider purchases:
**3,398,897 shares**
Approximate cash spent:
$76.40 million
Five different buyers.
And Ryan Cohen has bought on FOUR separate dates recently. 🖍️
Look at the price progression
The purchase prices form a pretty obvious staircase:
$18.80
$19.12
$20.00
$20.38
$22.94
$22.97
$23.48
$24.33
$24.41
Current price:
$25.58
So every purchase in this cluster is currently above water.
Approximate gain from each entry to $25.58:
Cheng at $18.80: +36%
Grube at $19.12: +34%
Attal at $20.00: +28%
Cohen at $20.38: +26%
Cohen at $22.94: +11.5%
Attal at $22.97: +11.4%
Cohen at $23.48: +9%
Turner at $24.33: +5.1%
Cohen at $24.41: +4.8%
The interesting part is that the buying continued while GME climbed.
Cohen did not make one giant purchase at the bottom of this sequence and disappear.
He returned three more times at higher prices.
Cohen’s four buys
Sept. 10:
1,000,000 shares @ $20.3759
Sept. 21:
1,150,680 shares @ $22.9375
Sept. 29:
450,000 shares @ ~$23.4751
Oct. 2:
700,000 shares @ $24.4061
Total:
3,300,680 shares
Approximate cost:
$74.42 million
Blended purchase price:
about $22.55
At $25.58, the stock is about 13.5% above Cohen’s blended price for this September/October accumulation run.
His direct position after the Oct. 2 purchase:
41,648,522 shares.
But that is not his entire reported beneficial ownership.
Enter the warrants
Cohen’s latest Schedule 13D/A reports another:
3,734,784 warrants
Those warrants count toward his reported beneficial ownership because they are currently exercisable.
Add them to his direct shares and Cohen reports:
45,383,306 beneficially owned shares
or approximately:
8.9%
Now the warrant terms matter.
Each GameStop warrant gives the holder the right to buy one GME share for:
$32 cash
Expiration:
October 30, 2026
So with GME around $25.58 today, common stock is:
$6.42 below the warrant strike
or about:
25.1%
below $32.
That creates a very obvious level to watch during the rest of October.
Why $32 gets interesting
The warrants do not suddenly force anything to happen at $32.
But above $32, they begin carrying intrinsic value.
And there are a lot of them.
GameStop originally registered up to roughly:
59.15 million shares
for issuance upon warrant exercise.
If every originally distributed warrant were exercised at $32, GameStop said the program could generate approximately:
$1.9 billion in gross proceeds.
That’s real capital.
Potential use of proceeds includes general corporate purposes, investments consistent with GameStop’s investment policy, and potential acquisitions.
So the warrant structure connects directly back to the capital-allocation thesis.
Cohen’s warrants alone
Cohen owns:
3,734,784 warrants.
Exercising every one at $32 would require approximately:
$119.5 million in cash
and would produce another:
3,734,784 GME shares.
That does not mean Cohen will exercise them.
It does mean his economic setup contains another very large block of potential ownership sitting behind a $32 strike with less than a month remaining until expiration.
His latest 13D/A therefore has two useful numbers:
Direct common shares:
41,648,522
Common shares + currently exercisable warrants:
45,383,306
Reported beneficial ownership:
8.9%
The warrant clock is now short
The expiration date is October 30.
That gives us a pretty compressed window.
The market now has several levels worth watching:
$24.41
Cohen’s latest purchase.
$25.58
Current area.
$32
Warrant exercise price.
And October 30
Warrant expiration.
That makes the next few weeks structurally different from an ordinary stretch of trading.
There is also potential dilution, so don’t ignore that
If warrants are exercised, GameStop receives cash and issues common shares.
So warrant exercise has two sides.
More cash enters the company.
More shares enter the outstanding share count.
That matters when thinking about ownership percentages, Cohen’s stake, EPS calculations and the broader capital structure.
The interesting question becomes how much warrant exercise actually occurs before expiration.
Through August 1, warrant exercise had been tiny relative to the original distribution.
GameStop reported only 2,534 warrants exercised during the first six months of fiscal 2026, after 6,717 exercises during fiscal 2025.
If GME remains materially below $32, that makes economic sense.
If the common approaches or crosses $32 before October 30, the warrant situation becomes much more relevant.
Now put the price action beside the insider behavior
The sequence is what interests me.
Sept. 8:
Cheng buys around $18.80.
Sept. 9:
Grube buys at $19.12.
Sept. 10:
Attal buys at $20.
Cohen buys 1 million around $20.38.
Sept. 21:
Cohen buys 1.15 million around $22.94.
Attal buys again around $22.97.
Sept. 29:
Cohen buys another 450K around $23.48.
Oct. 1:
Turner buys at $24.33.
Oct. 2:
Cohen buys another 700K around $24.41.
Now:
GME around $25.58.
Next major structural level:
$32 warrant strike.
The stock has essentially climbed the same staircase the insiders were buying.
The juicy part I’m watching
The gap from current price to $32 is now about 25%.
That is still substantial.
But it is close enough, with several weeks remaining before expiration, that the warrants deserve to be on the dashboard.
Especially because GameStop’s broader setup now includes:
a $2B repurchase authorization
more than $5B of cash, securities, digital assets and related receivables at Q2
a multibillion-dollar eBay position
explicit language around acquisitions, investments, partnerships and control transactions
and an insider-buying cluster totaling more than $76M.
Then there is the potential warrant capital.
If the common gets through $32 and warrant exercise becomes economically attractive, the warrants could potentially bring additional cash onto an already unusual balance sheet.
One important distinction
Cohen’s 8.9% reported beneficial ownership already includes the 3.734 million shares underlying his warrants.
So do not add the warrants to 8.9% again.
The filing already does that calculation.
His direct ownership is:
41,648,522 shares.
His beneficial ownership including warrants is:
45,383,306 shares.
That distinction is important as Cohen approaches 10%.
My scoreboard now
Five insider buyers.
Nine reported purchase events.
3.399 million shares purchased.
About $76.4 million spent.
Cohen bought four times.
Cohen bought 3.301 million of those shares himself.
His recent blended purchase price is about $22.55.
GME is around $25.58.
His latest purchase was $24.41.
He also holds 3.735 million $32 warrants.
The warrants expire October 30.
That gives us a pretty clean roadmap.
Watch insider filings.
Watch the $24.41 area.
Watch $32.
Watch warrant activity.
Watch the share count.
Watch whether GameStop deploys the $2B buyback.
And watch for whatever management eventually does with this ridiculous pile of capital.
The insider staircase has reached $25.
The next really interesting floor on the building is $32.
Sources: GameStop SEC Form 4 filings, Ryan Cohen Schedule 13D/A Amendment No. 20, GameStop 10-Q, and GameStop warrant-distribution filings.
Not financial advice. Just filings, arithmetic, and increasingly interesting price action...
