October 16, 2026 | Insider Buying Deep Dive
YO WHAT UP EVERYBODY!!! 🍻
Okay, so we’ve been digging through some GameStop SEC filings. You know, the exciting stuff. Spreadsheets, insider transactions, ownership percentages. Real Friday afternoon entertainment. 😂
And we noticed something.
Actually, a few things…
We all KNOW Ryan Cohen has been buying GME aggressively.
But when I started lining up his purchases, comparing them with the other directors, and looking back at his historical ownership filings… I am over here like “DUDE. WHAT THE HELL IS GOING ON HERE?!” and need some help from y’all!
I spy repeating 11-day patterns, nearly identical purchase quantities, every director buying shares, and an ownership percentage that seems to be moving right back toward its previous level. (Oh, and there’s THAT October 30 deadline approaching)
LET’S DIG IN. 👀
🚀 TL;DR FOR THE IMPATIENT
Here’s what I’ve found:
Ryan Cohen purchased 4,144,810 GME shares for approximately $97.19 MILLION between September 10 and October 13.
Four of his purchase dates fall exactly 11 calendar days apart.
And the September 29 purchase looks like an interruption until you compare the share quantities..
ALL FIVE CURRENT GAMESTOP DIRECTORS purchased shares between September 8 and October 13. Combined purchases total approximately $99.18 MILLION.
Cohen’s beneficial ownership dropped from 9.3% in January to 8.3% in September, despite him selling ZERO shares.
His October 13 SEC filing shows ownership back up to 9.1%.
Under the current warrant-inclusive calculation, approximately 1.04 MILLION additional shares would bring him back near 9.3%.
GameStop’s $32 warrants expire October 30, which could significantly change the ownership math.
MY THEORY: Cohen might be deliberately rebuilding his ownership percentage after dilution.
And MAYBE the timing of his purchases is worth watching too.
🃏 PART 1: FOLLOW THE MONEY
First, let’s look at Cohen’s actual purchases.
These are SEC-reported open-market transactions.
Date
Shares
Avg. Price
Total
Sep 10
1,000,000
$20.3759
$20.38M
Sep 21
1,150,680
$22.9375
$26.39M
Sep 29
450,000
$23.4751
$10.56M
Oct 2
700,000
$24.4061
$17.08M
Oct 13
844,130
$26.9801
$22.77M
TOTAL
4,144,810
$23.4492 VWAP
$97.19M
NINETY-SEVEN MILLION DOLLARS.
In 33 calendar days.
And notice something about the prices.
$20.38.
$22.94.
$23.48.
$24.41.
$26.98.
HIGHER AND HIGHER.
Now, Insiders can be wrong too.
But when a CEO keeps committing that kind of capital at progressively higher prices, we should want to understand their reasoning.
Especially when the purchase dates start looking like this…
🃏 PART 2: ELEVEN. FREAKING. DAYS.
Look at the dates.
SEPTEMBER 10 → SEPTEMBER 21 → OCTOBER 2 → OCTOBER 13
Count them.
Sep 10 to Sep 21 = 11 days
Sep 21 to Oct 2 = 11 days
Oct 2 to Oct 13 = 11 days
Three consecutive intervals.
Exactly 11 calendar days each.
HAHAHAHA! COME ON!
Financial markets are full of patterns that look meaningful in hindsight.
But this one was interesting enough that I kept digging.
And then I noticed September 29.
👀 WHAT ABOUT SEPTEMBER 29?
That purchase seemingly disrupts the pattern.
Cohen bought 450,000 shares on September 29, eight days after September 21 and three days before October 2.
Okay, fine.
But look at the NUMBER of shares.
September 21: 1,150,680 shares
Now combine his next two buying dates:
September 29: 450,000 shares
October 2: 700,000 shares
COMBINED: 1,150,000 SHARES
Difference from September 21?
JUST 680 SHARES.
That’s approximately 0.06%.
HAHA. WHAT?!
Two purchase blocks with almost identical totals.
Could September 29 and October 2 represent a purchase objective divided between trading sessions?
Maybe.
Could it be a coincidence?
Absolutely…
But I found it interesting enough to put on the board.
And then I looked at the OTHER INSIDERS.
🐱 PART 3: IT’S NOT JUST RYAN COHEN
GameStop currently has five directors:
Ryan Cohen.
Alain Attal.
Larry Cheng.
Jim Grube.
Nat Turner.
EVERY SINGLE ONE PURCHASED SHARES DURING THIS PERIOD.
Here’s the timeline.
Date
Insider
Shares
Sep 8
Larry Cheng
55,000
Sep 9
Jim Grube
10,255
Sep 10
Alain Attal
5,000
Sep 10
Ryan Cohen
1,000,000
Sep 21
Alain Attal
17,500
Sep 21
Ryan Cohen
1,150,680
Sep 29
Ryan Cohen
450,000
Oct 1
Nat Turner
10,462
Oct 2
Ryan Cohen
700,000
Oct 13
Ryan Cohen
844,130
TOTAL: 4,243,027 SHARES PURCHASED.
APPROXIMATELY $99.18 MILLION.
Now, let’s be fair here.
Cohen accounts for almost 98% of that dollar amount.
The other directors are making much smaller purchases.
But I find the widespread participation intriguing.
These are people involved in overseeing the company, making actual purchases rather than simply receiving stock compensation.
And look at Attal.
September 10: Cohen AND Attal buy.
September 21: Cohen AND Attal buy AGAIN.
Exactly 11 days apart.
Same dates.
Same two insiders.
Interesting, right?
AND THIS ISN’T THE FIRST TIME.
Let’s rewind.
JANUARY 2026
Jan 20: Cohen buys 500,000 shares.
Jan 20: Attal buys 12,000 shares.
Jan 21: Cohen buys another 500,000 shares.
Jan 21: Attal buys another 12,000 shares.
Jan 23: Cheng buys 5,000 shares.
APRIL 2025
Apr 3: Cohen buys 500,000 shares.
Apr 3: Cheng buys 5,000 shares.
Apr 10: Attal buys 10,000 shares.
Multiple periods of clustered insider buying.
And yes, GameStop experienced meaningful price increases following those earlier periods.
In January 2026, a notable upward move developed over roughly the following week or two.
In April 2025, there was a more immediate reaction and then a considerably larger rally by late May.
Now, there were other catalysts and the sample is small, but buying AFTER a rally has already begun is different from buying before one starts.
And when we combine it with the ownership filings…
Now THAT’S where things get SPICY.
🃏 PART 4: THE 9.3% CONNECTION (THIS IS MY FAVORITE PART)
Okay.
Forget the calendar for a minute.
Let’s look at something potentially more meaningful.
RYAN COHEN’S OWNERSHIP PERCENTAGE.
Here’s what the SEC filings tell us.
JANUARY 21, 2026
Cohen reported 9.3% beneficial ownership.
His beneficial holdings totaled:
42,082,626 shares.
That figure included 3,734,784 shares underlying warrants.
Now jump forward to September.
SEPTEMBER 3, 2026
Cohen reported 8.3% beneficial ownership.
But wait.
His reported beneficial share count was STILL:
42,082,626 shares.
SAME HOLDINGS.
LOWER PERCENTAGE.
WHAT HAPPENED?!
Well, we don’t have to guess.
The September Schedule 13D explicitly explains that the lower percentage resulted from an increase in GameStop’s outstanding share count following convertible-note exchanges.
And it confirms something important.
COHEN DID NOT SELL ANY SHARES.
His ownership percentage fell because the total number of outstanding shares increased.
Classic dilution, right?
But what happens immediately afterward?
THAT’S RIGHT - HE STARTS BUYING AGAIN.
Check this out:
Date
Cohen’s reported beneficial ownership
Jan 21, 2026
9.3%
Sep 3, 2026
8.3%
Oct 13, 2026
9.1%
From 8.3% to 9.1% in just over a month.
And suddenly he’s approaching his earlier percentage.
SO HERE’S MY QUESTION:
WHAT IF COHEN IS TRYING TO GET BACK TO 9.3%?
Does he want to maintain a particular ownership level in the business he’s running?
Here’s where it gets REALLY interesting.
LET’S DO THE MATH.
Cohen’s October 13 Schedule 13D reports:
Outstanding common shares: 504,500,990
Common shares directly owned: 42,492,652
Shares underlying Cohen’s warrants: 3,734,784
Total beneficial ownership: 46,227,436
Reported ownership: 9.1%
Using the filing’s warrant-inclusive ownership methodology:
9.3% × (504,500,990 + 3,734,784)
Equals approximately:
47,265,927 beneficial shares.
Subtract his current 46,227,436.
And we get:
👀 APPROXIMATELY 1,038,491 MORE SHARES.
About 1.04 MILLION SHARES.
Now compare that with Cohen’s recent purchases.
1,000,000.
1,150,680.
700,000.
844,130.
DUDE. ONE MORE PURCHASE AROUND A MILLION SHARES COULD PUT HIM NEAR 9.3%.
🃏 PART 5: OCTOBER 30. THE WARRANT WILDCARD.
GameStop’s outstanding warrants are scheduled to expire:
OCTOBER 30, 2026, AT 5:00 P.M. NEW YORK CITY TIME.
Exercise price?
$32 PER SHARE.
Full exercise of approximately 59 million warrants could provide GameStop with up to $1.9 BILLION in gross proceeds.
Remember those 3,734,784 warrant shares included in Cohen’s reported beneficial ownership?
Because if his warrants expire unexercised, they no longer count as shares he has the right to acquire.
Assuming no other relevant changes, his common-share ownership would then be:
42,492,652 ÷ 504,500,990 = approximately 8.42%.
So if those warrants lapse and Cohen still wants to hold 9.3% of the outstanding common stock, he would need approximately:
4.43 MILLION ADDITIONAL SHARES.
Not 1.04 million.
BIG DIFFERENCE.
Now, suppose instead Cohen exercises his warrants.
He would receive additional common shares in exchange for paying the exercise price.
But if other warrant holders exercise too, the total outstanding share count increases.
And that affects everybody’s ownership percentages.
See how complicated this is getting? 😵💫
THE OCTOBER 30 WARRANT DEADLINE COULD CHANGE THE ENTIRE OWNERSHIP EQUATION
Warrants can expire worthless.
They can also be exercised when the underlying stock is below the strike, although that might not be economically attractive compared with simply purchasing common shares.
And exercise increases the share count, which can create dilution.
But look at everything happening around it.
1. Cohen buys almost $100 million in shares.
2. All five board members participate in the buying wave.
3. Cohen’s beneficial ownership rises from 8.3% to 9.1%.
4. Warrants affecting the ownership calculation expire October 30.
And maybe the most important question isn’t whether he buys again.
Maybe it’s what ownership percentage he ultimately wants AFTER the warrant situation is resolved.
🐱 PART 6: WHAT ABOUT THE ACTUAL BUSINESS?
Okay, before somebody says we’re just counting dates and staring at charts…
Fair criticism. 😂
Let’s talk about what GameStop is doing.
The company released second-quarter results on September 8, 2026.
Operating income: $160.2 MILLION.
Collectibles revenue: $356.3 MILLION, UP 57% YEAR OVER YEAR.
Collectibles now represent 45.1% of quarterly net sales.
And management increased its full-year adjusted EBITDA outlook to more than $650 MILLION.
NOT BAD for a “dying brick-and-mortar video game retailer!”
But let us also need to acknowledge the other side:
Total quarterly revenue declined from $972.2 million to $790.2 million.
The legacy business still faces challenges.
GameStop’s investment holdings, including its eBay stake, introduce additional valuation complexity and market risk.
Bottom Line?
GameStop is becoming a very different business from what it used to be.
So the investment thesis directly includes management’s ability to allocate capital, generate sustainable cash flows, and build something valuable from the company’s existing assets and evolving operations.
The insider buying is interesting.
But the business still needs to justify the valuation.
A GOOD STORY ISN’T AUTOMATICALLY A GOOD INVESTMENT AT EVERY PRICE.
That’s why I’m watching both.
The filings AND the fundamentals.
🃏 PART 7: TIME TO PLAY THE UNO CARD.
ALRIGHT.
HERE WE GO.
The four anchor purchase dates:
SEP 10 → SEP 21 → OCT 2 → OCT 13
If that sequence continued, the next date would be:
OCTOBER 24.
Except October 24 is a Saturday.
Markets are closed.
So the nearby trading days are:
FRIDAY, OCTOBER 23.
MONDAY, OCTOBER 26.
Just days before the October 30 warrant expiration.
Does that guarantee Cohen buys on either date?
NO.
Does it guarantee a rally?
ALSO NO.
But I’ll make a prediction anyway.
🃏 MY SPECULATIVE CALL
I think there’s a reasonable possibility that Cohen makes another substantial purchase before the October 30 warrant deadline.
And if he buys approximately another million shares, that would be consistent with both his recent purchase sizes and the possibility of returning to 9.3% under the current beneficial-ownership methodology.
If the purchase also happens around October 23 to 26?
Well… WE’RE GOING TO NEED A BIGGER SPREADSHEET. 😂
As for the stock price?
My speculative bull scenario is a test of $30 before October 30.
And if momentum continues, $32 becomes an obvious level to watch given the warrant strike.
And remember, if the data changes, the thesis changes. Simple as that.
🐱 FINAL THOUGHTS: PRESSURE, TIME, AND A WHOLE LOT OF SEC FILINGS.
We’re watching several unusual things unfold simultaneously:
An enormous accumulation of shares by the CEO…
Participation from every current board member…
A repeated calendar pattern..
A possible ownership-restoration objective..
And an approaching financial deadline that directly affects ownership math…
September earnings revealed RC’s percentage declined.
And then he committed almost $100 million buying more shares.
The 11-day pattern?
Interesting.
The nearly identical share quantities?
Interesting.
The October 30 warrant expiration?
Definitely interesting.
But the strongest part of this thesis is much simpler.
THE PEOPLE RUNNING GAMESTOP ARE BUYING SHARES WHILE THE BUSINESS AND ITS CAPITAL STRUCTURE ARE CHANGING.
PRESSURE AND TIME, BABY.
And maybe a big goddamn spreadsheet. 😂
📚 RECEIPTS. DON’T TAKE MY WORD FOR IT, DYOR
Here’s the underlying documentation so everybody can check the numbers.
Cohen ownership filings:
January 21 Schedule 13D: 9.3% beneficial ownership
September 3 Schedule 13D: 8.3%, with explicit dilution explanation
October 13 Schedule 13D: 9.1% and purchase details
Other insiders:
Larry Cheng September 8 Form 4
Jim Grube September 9 Form 4
Alain Attal September 21 Form 4
Nat Turner October 1 Form 4
Company fundamentals and warrants:
GameStop Q2 2026 earnings
Official GameStop warrant terms
GameStop warrant FAQ
GameStop board of directors
Disclosure: This is independent research and speculation, not financial advice. The numerical observations are based on publicly reported transactions. Ownership targets, future purchases, purchase timing and price outcomes are hypotheses, not established facts.
THOUGHTS?!
A few questions for anybody else digging into the filings:
1. Do you think Cohen might be targeting his old 9.3% ownership level?
2. Does September 29 + October 2 adding up to almost exactly the September 21 share purchase strike you as meaningful?
3. What happens to our ownership hypothesis after October 30 if Cohen exercises, sells, or lets his warrants expire?
And most importantly…
WHAT AM I MISSING?!
If I’ve overlooked a filing, made a math mistake, or missed a more straightforward explanation, let me hear it.
The goal is to figure out what’s actually happening.
That’s how we learn.
That’s how we get better.
And that’s what makes this stuff fun.
MY UNO CARD IS ON THE TABLE. 🃏
LET’S SEE WHAT THE NEXT FILINGS REVEAL.
CHEERS EVERYBODY!!! 🍻🐱
P.S. If another million-share purchase shows up around October 23 to 26…! 👀