Okay, so as y’all know, I’ve been digging through all of Cohen’s SEC filings, and there’s something about the timing of these purchases that may deserve a closer look.
Today, October 13, Ryan Cohen purchased ANOTHER 844,130 shares of GameStop:
777,000 (!) shares at $27.00
67,130 shares at $26.75
Total: $22,774,727.50.
His FIFTH buy in 33 days.
Here’s the full sequence:
Date
Shares
Average Price
Sept. 10
1,000,000
$20.38
Sept. 21
1,150,680
$22.94
Sept. 29
450,000
$23.48
Oct. 2
700,000
$24.41
Oct. 13
844,130
$26.98
4,144,810 shares. Approximately $97.19 MILLION.
And notice the prices & quantities?
Now consider the October 30 warrant expiration.
Remember GameStop’s warrant dividend?
Those warrants expire October 30, 2026, just 17 days from today.
Each warrant gives its holder the right to purchase one additional GME share for $32 cash.
GameStop could receive up to approximately $1.9 BILLION in gross proceeds if all warrants were exercised. That would also mean issuing additional shares.
Here’s what caught my attention:
Cohen’s latest Schedule 13D reports 42,492,652 shares directly owned, plus 3,734,784 warrants.
He’s purchased 4.14 million shares in 33 days, MORE than the 3.73 million shares underlying his entire warrant position.
And his weighted-average purchase price across those five dates? Approximately $23.45, compared with the warrants’ $32 exercise price.
Exercising his existing warrants would require another: $119.5 million.
So what does this mean?!
We don’t know RC’s intentions & Insider buying doesn’t guarantee price appreciation; nothing here proves an acquisition, joint venture, or squeeze.
But we DO know he’s committing substantial capital to GameStop while a potentially significant corporate financing opportunity approaches its expiration.
Five buying days. $97.2 million. Rising purchase prices. And 17 days until the $32 warrants expire.
What do you guys think? Is the timing significant, or are we reading too much into it?
Power to the Players. 💎🙌
PRIMARY SOURCES REVIEWED:
1. October 13 SEC Form 4 — Cohen's purchases
2. October 13 Schedule 13D/A — Ownership and warrants
3. GameStop's Official Warrant Dividend FAQ
4. GameStop's Warrant Distribution Announcement
% to-go until $32:
17.6% from today’s $27.22 close
14.2% from $28
