GameStop (NYSE:GME) investors have a major new insider purchase to watch. President, CEO and Chairman Ryan Cohen bought 1 million GameStop shares on September 10, 2026, spending approximately US$20.38 million in an open-market purchase. The size of the transaction stands out. It also comes as GameStop reports stronger profitability, rapid growth in collectibles and a move to reopen selected stores. So, what should GME investors make of Cohen’s latest purchase?
Ryan Cohen Buys 1 Million GameStop Shares
According to an SEC Form 4, Cohen purchased exactly 1,000,000 shares of GameStop Class A common stock on September 10. He paid a weighted average price of US$20.3759 per share, putting the total value of the purchase at approximately US$20.38 million.
The shares were acquired through multiple transactions at prices ranging from US$20.0199 to US$20.4699. The filing lists the transaction code as “P,” confirming that it was a purchase rather than a stock award. A separate Schedule 13D filing states that the transactions were completed in the open market.
After the transaction, Cohen directly owned 39,347,842 GameStop shares. That means this was a significant addition to an already large position.
GameStop’s Profitability Is Improving
Cohen’s purchase came shortly after GameStop released its second-quarter 2026 results. The company reported net sales of US$790.2 million, down from US$972.2 million in the same quarter a year earlier.
However, profitability improved sharply.
Operating income reached US$160.2 million, up from US$66.4 million a year earlier. GameStop said this was the highest second-quarter operating income in its history. Net income increased to US$298.7 million from US$168.6 million in the prior-year quarter.
That combination of lower sales but much stronger profits shows how significantly GameStop’s business mix and cost structure are changing.
Collectibles Are Becoming More Important
One of the biggest changes inside GameStop is the rapid growth of its collectibles business. Collectibles generated US$356.3 million in net sales during the second quarter, up 57% from US$227.6 million a year earlier.
Collectibles represented 45.1% of total quarterly sales, compared with 23.4% in the year-ago period. GameStop also raised its fiscal 2026 adjusted EBITDA outlook to more than US$650 million, up from its previous forecast of more than US$600 million.
The company ended the quarter with US$5.4 billion in cash, cash equivalents, marketable securities, digital assets and related receivables. It also reported an investment in eBay common stock valued at approximately US$4.9 billion as of August 1.
GameStop Is Reopening Selected Stores
GameStop is also reopening selected previously closed stores across the United States. The reopenings began from September 11.
The company has not disclosed how many stores will ultimately return, so investors should not assume this represents a full reversal of GameStop’s previous store-closing strategy. Still, the move adds another development to watch as GameStop continues to reshape its retail business.
What Should GME Investors Watch?
Cohen’s US$20.38 million purchase does not guarantee that GME stock will rise. Insider buying can be a positive signal, but even senior executives can be wrong about future share-price performance.
The more important question is whether GameStop can continue improving profitability while growing collectibles and managing weaker sales in other parts of the business. Investors should also watch whether GameStop provides more details about its store reopenings and whether collectibles can maintain their recent growth rate.
Bottom Line
Ryan Cohen’s latest purchase is difficult for GME investors to ignore. He bought 1 million GameStop shares for approximately US$20.38 million in the open market, increasing his direct holdings to approximately 39.35 million shares.
At the same time, GameStop is reporting stronger profitability, 57% year-over-year collectibles growth, and a higher adjusted EBITDA outlook. None of this guarantees that GME shares will move higher.
But a US$20 million open-market purchase by GameStop’s CEO, combined with improving profitability and a rapidly changing sales mix, gives investors several good reasons to keep GME stock on their radar.
