GameStop Corp. (NYSE: GME) shares climbed on September 11 after a regulatory filing confirmed that chief executive Ryan Cohen had significantly expanded his personal stake in the company.

Cohen, who serves as President, CEO, and Chairman of GameStop, acquired 1,000,000 shares of Class A Common Stock on September 10, 2026, with the total purchase valued at $20,375,900.

The shares were acquired across multiple transactions at prices ranging from $20.0199 to $20.4699 per share, producing a weighted average cost of $20.38 for the entire block.

Following the transaction, Cohen now holds over 39 million shares in total, representing approximately 8.5% beneficial ownership of the video game retailer.

The purchase did not come in isolation, as board member James Grube had already acquired 10,255 shares for approximately $196,000 on September 9, 2026, just one day prior to Cohen’s filing.

The back-to-back insider purchases signal growing conviction among GameStop’s leadership that the stock remains undervalued relative to its balance sheet strength and collectibles sales trajectory.

GameStop recently reported a 77% surge in net income during the second quarter, a result that was accompanied by broader revenue growth across the business.

The company has also finalized arrangements to convert approximately $1.4 billion in convertible senior notes into Class A common stock, encompassing $400 million in notes maturing in 2030 and $1 billion maturing in 2032.

At the 2026 Annual Meeting, shareholders voted to approve expanding the authorized Class A stock, with 68.7% supporting the measure, a move directly tied to GameStop’s proposed acquisition of eBay Inc. (NASDAQ: EBAY).

Cohen has been publicly vocal in advocating for the eBay transaction, calling out the company’s leadership for their reluctance to engage in direct discussions with GameStop.

The options market appears to share the bullish outlook, with the put-to-call ratio on contracts expiring mid-October sitting at just 0.22x, indicating a strongly skewed bullish sentiment among derivatives traders.

The upper price target embedded in those options contracts is set at $22.79, signaling the potential for an additional 8.94% rally in GME shares within the next month.

Taken together, the insider buying activity, improving fundamentals, and bullish options positioning paint an increasingly assertive picture for GameStop as the company pursues one of its most ambitious strategic moves to date.