GameStop's chief keeps buying, with $32 warrants due October 30

GameStop sells games, collectibles and other products in stores and online. It says its plan now is to use its cash and its stock to buy other assets. [C20][C20] Form 10-Q, MD&Aoffers games, collectibles, and entertainment products through its stores and ecommerce platforms. As we navigate the evolving commercial landscape, our business model is expanding beyond traditional retail to include value creation through disciplined capital allocationGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C56][C56] Form 10-Q, MD&AShareholders should understand that our strategy is now explicitly focused on leveraging our cash, flexible capital structure, and stock to acquire assets that we believe will undergo a significant re-rating under our stewardship.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm It has no signed deal today, but it is looking at deals that could need a lot of money. [C57][C57] Form 10-Q, MD&AWhile the Company has no binding agreements for a specific transaction at this time, we are actively evaluating opportunities that could require significant capital deployment.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

Net sales fell 18.7% to $790.2 million in the quarter to August 1, from $972.2 million. The company says that was mostly because the year before had the Nintendo Switch 2 launch. [C22][C22] Form 10-Q, MD&ANet sales decreased $182.0 million, or 18.7% for the three months ended August 1, 2026, compared to the prior year period.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C21][C21] Form 10-Q, statement of operationsNet sales $ 790.2 $ 972.2 $ 1,625.5 $ 1,704.6GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C50][C50] Form 10-Q, MD&AThe declines in Video Games and in Pre-Owned and Refurbished sales were primarily due to the prior-year launch of the Nintendo Switch 2, with no such launch in the current year periodGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm Collectibles, such as trading cards, grew to $356.3 million from $227.6 million, while video games fell to $263.2 million from $494.6 million. Operating income rose to $160.2 million from $66.4 million. [C51][C51] Form 10-Q, net sales by categoryCollectibles (1) $ 356.3 $ 227.6 $ 705.2 $ 439.1 Video Games (2) 263.2 494.6 549.8 844.8GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C24][C24] Form 10-Q, statement of operationsOperating income 160.2 66.4 303.5 55.6GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm It does not plan to close many stores this year. [C58][C58] Form 10-Q, MD&AAt this time, we do not anticipate closing a significant number of stores in fiscal 2026, as we view our domestic footprint as a core component of our logistics infrastructure strategy.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm In June it set a goal of more than $600 million of adjusted EBITDA for this fiscal year, up from $345.4 million. In September The Wall Street Journal reported that it raised its outlook. The new figure is not in our sources. [C80][C80] GameStop press release, June 26, 2026the Company currently expects to generate Adjusted EBITDA in excess ofBusiness Wire, via FT.com · Read October 3, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202606261745BIZWIRE_USPRX____20260626_BW990685-1 [C88][C88] GameStop press release, June 26, 2026$600 millionBusiness Wire, via FT.com · Read October 3, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202606261745BIZWIRE_USPRX____20260626_BW990685-1 [C89][C89] GameStop press release, June 26, 2026$345.4 millionBusiness Wire, via FT.com · Read October 3, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202606261745BIZWIRE_USPRX____20260626_BW990685-1 [C81][C81] Wall Street Journal, September 8, 2026reported higher profit in its latest quarter, boosted by an increase in collectibles sales, and raised its full-year outlook.The Wall Street Journal · Read October 3, 2026Open source ↗https://www.wsj.com/business/earnings/gamestop-profit-rises-boosts-full-year-outlook-dacd2245 It is also unclear how much the rest of the year depends on trading cards. Its annual report warns that Pokemon cards may be scarce and shared out among it and its rivals. [C94][C94] Form 10-K, risk factorsSome of the products we sell, including Pokemon trading cards, may be in short supply and highly allocated among us and our competitorsGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm

Most of the profit came from investments. Pre-tax income was $420.2 million, and $160.2 million of it came from operations. [C53][C53] Form 10-Q, statement of operationsIncome before income taxes 420.2 174.6 926.6 222.9 Income tax expense 121.5 6.0 238.3 9.5GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C24][C24] Form 10-Q, statement of operationsOperating income 160.2 66.4 303.5 55.6GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm The rest came from $77.1 million of interest, a $166.3 million gain on eBay options, a $72.1 million paper gain on eBay shares and $19.5 million of other income. A $75.0 million loss on bitcoin offset part of that. These market swings can reverse. [C44][C44] Form 10-Q, statement of operationsInterest income, net ( 77.1 ) ( 79.6 ) ( 160.8 ) ( 136.5 )GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C26][C26] Form 10-Q, statement of operationsGain on derivative asset, net ( 166.3 ) — ( 434.7 ) —GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C91][C91] Form 10-Q, note on eBayDuring the first half of fiscal 2026, the Company entered into a series of paired put and call option transactions (the "Put/Call Pairs") that provided economic exposure to shares of eBay Inc.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C27][C27] Form 10-Q, statement of operationsUnrealized gain on equity investment ( 72.1 ) — ( 72.1 ) —GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C90][C90] Form 10-Q, statement of operationsOther income, net ( 19.5 ) — ( 29.4 ) ( 2.2 )GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C52][C52] Form 10-Q, statement of operationsLoss (gain) on digital assets and related receivables 75.0 ( 28.6 ) 73.9 ( 28.6 )GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm After $121.5 million of income tax, a 28.9% rate, net income was $298.7 million. [C53][C53] Form 10-Q, statement of operationsIncome before income taxes 420.2 174.6 926.6 222.9 Income tax expense 121.5 6.0 238.3 9.5GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C25][C25] Form 10-Q, statement of operationsNet income $ 298.7 $ 168.6 $ 688.3 $ 213.4GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm The eBay gains and the bitcoin loss are changes in market value, not cash. In the first half, operations brought in $399.8 million of cash. That was above operating income of $303.5 million, helped by interest income. [C92][C92] Form 10-Q, note on eBaythe Company recognized gains on the derivative asset, net, of $ 166.3 million and $ 434.7 million , respectivelyGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C27][C27] Form 10-Q, statement of operationsUnrealized gain on equity investment ( 72.1 ) — ( 72.1 ) —GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C52][C52] Form 10-Q, statement of operationsLoss (gain) on digital assets and related receivables 75.0 ( 28.6 ) 73.9 ( 28.6 )GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C54][C54] Form 10-Q, cash flow statementNet cash flows provided by operating activities 399.8 309.9 Cash flows from investing activities: Capital expenditures ( 6.2 ) ( 7.0 )GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C87][C87] Form 10-Q, statement of operationsOperating income 160.2 66.4 303.5 55.6GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C44][C44] Form 10-Q, statement of operationsInterest income, net ( 77.1 ) ( 79.6 ) ( 160.8 ) ( 136.5 )GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

Cash generation was strong in the first half. Operations brought in $399.8 million and it spent only $6.2 million on equipment, so free cash flow was about $393.6 million. [C54][C54] Form 10-Q, cash flow statementNet cash flows provided by operating activities 399.8 309.9 Cash flows from investing activities: Capital expenditures ( 6.2 ) ( 7.0 )GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm By our math, net sales over the past year were about $3.55 billion and operating income about $480 million. [C82][C82] Form 10-K, resultsNet sales $ 3,629.9 100.0 % $ 3,823.0 100.0 %GameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C21][C21] Form 10-Q, statement of operationsNet sales $ 790.2 $ 972.2 $ 1,625.5 $ 1,704.6GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C83][C83] Form 10-K, resultsOperating income (loss) 232.1 6.4 (26.2) (0.7)GameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C87][C87] Form 10-Q, statement of operationsOperating income 160.2 66.4 303.5 55.6GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm At August 1 it held $4.85 billion of cash and $206.0 million of marketable securities, about $5.06 billion. That was down from about $9.01 billion in January, mostly to pay for its eBay stake. [C28][C28] Form 10-Q, balance sheetCash and cash equivalents $ 4,854.3 $ 8,694.4 $ 6,304.7GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C55][C55] Form 10-Q, balance sheetMarketable securities 206.0 — 2,709.1GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C45][C45] Form 10-Q, note on eBayOn July 15, 2026, the Company exercised all outstanding Put/Call Pairs and acquired direct beneficial ownership of 39,046,658 shares of eBay Common Stock for aggregate cash consideration of $ 3,955.2 millionGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm It has no bank credit line, having ended its $250 million line in 2024. [C62][C62] Form 10-K, liquidityOn August 27, 2024, we voluntarily terminated our $ 250 million revolving credit facilityGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm

In May GameStop proposed to buy all of eBay for $125.00 a share in cash and stock. The offer was not binding. [C29][C29] Form 10-Q, note on eBayOn May 3, 2026, the Company submitted a non-binding proposal (the "Proposal") to acquire 100 % of the outstanding shares of eBay for $ 125.00 per share in a transaction consisting of cash and Company stock.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm It then bought 9.8% of eBay for about $4.39 billion, or about $101 a share. eBay closed at $105.92 on October 1, well below the offer. [C30][C30] Form 10-Q, note on eBayAs of August 1, 2026, the Company beneficially owned an aggregate of 43,390,383 shares of eBay Common Stock, representing approximately 9.8 % of the outstanding eBay Common Stock, with a fair value of approximately $ 4.9 billion.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C31][C31] Form 10-Q, note on eBayTotal aggregate cost basis 43,390,383 101.09 4,386.3GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [M03][M03] IEX closing pricesEBAY closed at $105.92 on October 1, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ GameStop also pledged 4,709 bitcoin as collateral for options it sold, and Coinbase may lend or reuse that bitcoin. [C41][C41] Form 10-Q, bitcoinIn connection with the covered-call strategy, the Company pledged 4,709 Bitcoin (the "Pledged Bitcoin") as collateral.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C60][C60] Form 10-Q, bitcoinUnder the agreements, Bitcoin is pledged as collateral and can be rehypothecated, re-pledged, or otherwise deployed by Coinbase.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

It owed about $4.2 billion of notes that pay no interest and can turn into stock. On September 3 it swapped about $1.4 billion of them for about 55.5 million new shares and $358.4 million of cash. It expects a non-cash charge for the swap. [C32][C32] Form 10-Q, note on debtAs of August 1, 2026, August 2, 2025 and January 31, 2026, there was $ 4,167.8 million, $ 4,160.9 million and $ 4,164.3 million of outstanding debt, respectively.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C33][C33] Form 10-Q, subsequent eventsthe Company agreed to exchange approximately (i) $ 400 million aggregate principal amount of the outstanding 2030 Notes, and (ii) $ 1.0 billion aggregate principal amount of the outstanding 2032 NotesGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C34][C34] Form 10-Q, subsequent eventsThe Exchange closed on September 3, 2026. In total, the Existing Noteholders received in the aggregate approximately 55.5 million shares of Class A common stock and approximately $ 358.4 million in cash.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C43][C43] Form 10-Q, subsequent eventsGameStop expects to recognize a non-cash charge in connection with the Exchange.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm That leaves about $2.8 billion of notes. Holders can turn them into stock at about $29.85 and $28.91 a share. They can also make GameStop buy them back on April 3 and December 15, 2028. [C69][C69] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2030 Notes, net of debt issuance costs of $ 14.4 million was $ 1,485.6 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C70][C70] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2032 Notes, net of debt issuance costs of $ 17.8 million was $ 2,682.2 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C33][C33] Form 10-Q, subsequent eventsthe Company agreed to exchange approximately (i) $ 400 million aggregate principal amount of the outstanding 2030 Notes, and (ii) $ 1.0 billion aggregate principal amount of the outstanding 2032 NotesGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C64][C64] Form 10-K, convertible notesThe conversion rate for the Convertible 2030 Notes was initially 33.4970 shares of Common Stock per $1,000 principal amount of Notes, which was equivalent to an initial conversion price of approximately $ 29.85 per share of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C65][C65] Form 10-K, convertible notesconversion rate for the Convertible 2032 Notes will initially be 34.5872 shares of Common Stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $ 28.91 per share of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C63][C63] Form 10-K, convertible notesHolders of each of the Convertible 2030 Notes and the Convertible 2032 Notes have the right to require us to repurchase all or any portion of their Convertible Notes on April 3, 2028 and December 15, 2028, respectively.GameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm

Cohen bought 1,000,000 shares at about $20.38 on September 10 and 1,150,680 at about $22.94 on September 21. He bought 450,000 at about $23.47 on September 29 and 700,000 at about $24.41 on October 2. [C7][C7] Schedule 13D/A, Item 5(c)On September 10, 2026, Mr. Cohen purchased an aggregate of 1,000,000 Shares at a weighted average price of $20.3759 per ShareRyan Cohen Schedule 13D amendment on GameStop, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002530/xslSCHEDULE_13D_X02/primary_doc.xml [C6][C6] Schedule 13D/A, Item 5(c)On September 21, 2026, Mr. Cohen purchased an aggregate of 1,150,680 Shares at a weighted average price of $22.9375 per ShareRyan Cohen Schedule 13D amendment on GameStop, filed September 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002607/xslSCHEDULE_13D_X02/primary_doc.xml [C5][C5] Schedule 13D/A, Item 5(c)On September 29, 2026, Mr. Cohen purchased (i) 446,500 Shares at a price of $23.4753 per Share and (ii) 3,500 Shares at a price of $23.4499 per Share.Ryan Cohen Schedule 13D Amendment No. 18 on GameStop, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002669/xslSCHEDULE_13D_X02/primary_doc.xml [C1][C1] Schedule 13D/A, Item 5(c)On October 2, 2026, Mr. Cohen purchased an aggregate of 700,000 Shares at a weighted average price of $24.4061 per Share in multiple transactions at prices ranging from $24.3600 to $24.4400, inclusive.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml That is about $74.4 million in all, paid in the open market. The October 2 purchase alone cost about $17.1 million, about 0.14% of the company's value of about $12.2 billion. [C7][C7] Schedule 13D/A, Item 5(c)On September 10, 2026, Mr. Cohen purchased an aggregate of 1,000,000 Shares at a weighted average price of $20.3759 per ShareRyan Cohen Schedule 13D amendment on GameStop, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002530/xslSCHEDULE_13D_X02/primary_doc.xml [C6][C6] Schedule 13D/A, Item 5(c)On September 21, 2026, Mr. Cohen purchased an aggregate of 1,150,680 Shares at a weighted average price of $22.9375 per ShareRyan Cohen Schedule 13D amendment on GameStop, filed September 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002607/xslSCHEDULE_13D_X02/primary_doc.xml [C5][C5] Schedule 13D/A, Item 5(c)On September 29, 2026, Mr. Cohen purchased (i) 446,500 Shares at a price of $23.4753 per Share and (ii) 3,500 Shares at a price of $23.4499 per Share.Ryan Cohen Schedule 13D Amendment No. 18 on GameStop, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002669/xslSCHEDULE_13D_X02/primary_doc.xml [C1][C1] Schedule 13D/A, Item 5(c)On October 2, 2026, Mr. Cohen purchased an aggregate of 700,000 Shares at a weighted average price of $24.4061 per Share in multiple transactions at prices ranging from $24.3600 to $24.4400, inclusive.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml [C38][C38] Form 10-Q, coverNumber of shares of $.001 par value Class A Common Stock outstanding as of September 3, 2026: 504,500,990 .GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [M02][M02] IEX closing pricesGME closed at $24.10 on October 1, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ The four buys together, about 3.3 million shares, are about 0.65% of the 504,500,990 shares. [C7][C7] Schedule 13D/A, Item 5(c)On September 10, 2026, Mr. Cohen purchased an aggregate of 1,000,000 Shares at a weighted average price of $20.3759 per ShareRyan Cohen Schedule 13D amendment on GameStop, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002530/xslSCHEDULE_13D_X02/primary_doc.xml [C6][C6] Schedule 13D/A, Item 5(c)On September 21, 2026, Mr. Cohen purchased an aggregate of 1,150,680 Shares at a weighted average price of $22.9375 per ShareRyan Cohen Schedule 13D amendment on GameStop, filed September 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002607/xslSCHEDULE_13D_X02/primary_doc.xml [C5][C5] Schedule 13D/A, Item 5(c)On September 29, 2026, Mr. Cohen purchased (i) 446,500 Shares at a price of $23.4753 per Share and (ii) 3,500 Shares at a price of $23.4499 per Share.Ryan Cohen Schedule 13D Amendment No. 18 on GameStop, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002669/xslSCHEDULE_13D_X02/primary_doc.xml [C1][C1] Schedule 13D/A, Item 5(c)On October 2, 2026, Mr. Cohen purchased an aggregate of 700,000 Shares at a weighted average price of $24.4061 per Share in multiple transactions at prices ranging from $24.3600 to $24.4400, inclusive.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml [C38][C38] Form 10-Q, coverNumber of shares of $.001 par value Class A Common Stock outstanding as of September 3, 2026: 504,500,990 .GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm He now owns 41,648,522 shares directly, bought for about $202.6 million over the years, with personal funds that may include margin loans. [C4][C4] Form 4, Table IClass A Common Stock, $0.001 par value per share 10/02/2026 P 700,000 A $ 24.4061 (1) 41,648,522 DForm 4 for Ryan Cohen, GameStop chairman and chief executive, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002719/xslF345X06/form413177018_10022026.xml [C3][C3] Schedule 13D/A, Item 3The Shares directly owned by Mr. Cohen were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 41,648,522 Shares directly owned by Mr. Cohen is approximately $202,633,741, excluding brokerage commissions.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml

Three directors bought as well. James Grube bought 10,255 shares at $19.12 on September 9. Alain Attal bought 17,500 at about $22.97 on September 21, and Nat Turner bought 10,462 at $24.33 on October 1. [C8][C8] Form 4, Table IClass A Common Stock 09/09/2026 P 10,255 A $ 19.12 39,694 DForm 4 for James Grube, GameStop director, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000184048026000002/xslF345X06/wk-form4_1788992258.xml [C9][C9] Form 4, Table IClass A Common Stock 09/21/2026 P 17,500 A $ 22.969 (1) 618,964 DForm 4 for Alain Attal, GameStop director, filed September 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000184048526000008/xslF345X06/wk-form4_1790038915.xml [C10][C10] Form 4, Table IClass A Common Stock 10/01/2026 P 10,462 A $ 24.33 10,462 DForm 4 for Nat Turner, GameStop director, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000182229326000002/xslF345X06/wk-form4_1790902546.xml

Here is what each side gives and gets. GameStop gets no money from these purchases, because Cohen bought existing shares from other investors. [C1][C1] Schedule 13D/A, Item 5(c)On October 2, 2026, Mr. Cohen purchased an aggregate of 700,000 Shares at a weighted average price of $24.4061 per Share in multiple transactions at prices ranging from $24.3600 to $24.4400, inclusive.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml The company was on the other side of a different trade. On September 3 it gave noteholders about 55.5 million new shares and $358.4 million of cash. It had bought none of its own stock under its $2.0 billion buyback plan by August 1. [C34][C34] Form 10-Q, subsequent eventsThe Exchange closed on September 3, 2026. In total, the Existing Noteholders received in the aggregate approximately 55.5 million shares of Class A common stock and approximately $ 358.4 million in cash.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C37][C37] Form 10-Q, share repurchasesNo shares of our Class A common stock were repurchased during the three months ended August 1, 2026, and the full $2.0 billion remained available under the authorization as of August 1, 2026.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm Cohen also sits on the board committee that invests GameStop's cash. The company says its members may buy the same stocks as the company with their own money. [C39][C39] Form 10-Q, MD&AThe Committee consists of the Company’s Chairman and Chief Executive Officer, Ryan Cohen, and two independent members of the Board.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C40][C40] Form 10-Q, MD&AMr. Cohen or other members of the Investment Committee, each in their personal capacity or through affiliated investment vehicles, may at times invest in the same securities in which the Company invests.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

The warrants are the date to watch. Each lets the holder buy one share for $32.00 in cash, and they expire at 5:00 p.m. on October 30, 2026. [C35][C35] Form 10-Q, warrantsEach Warrant entitles the holder to purchase, at the holder’s sole and exclusive election, at a cash exercise price of $32.00 per Warrant (the “Exercise Price”), one share of Common Stock, subject to adjustment pursuant to the provisions of the Warrant Agreement. Payment for shares of Common Stock upon exercise of Warrants must be in cash. The Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on October 30, 2026 (the “Expiration Date”).GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm Cohen holds warrants for 3,734,784 shares, which would cost him about $119.5 million to use. Only 2,534 warrants were used in the half year to August 1. [C2][C2] Schedule 13D/A, Item 5(a)As of the date hereof, Mr. Cohen directly beneficially owned 45,383,306 Shares, including 3,734,784 Shares underlying the Warrants, constituting approximately 8.9% of the Shares outstanding.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml [C35][C35] Form 10-Q, warrantsEach Warrant entitles the holder to purchase, at the holder’s sole and exclusive election, at a cash exercise price of $32.00 per Warrant (the “Exercise Price”), one share of Common Stock, subject to adjustment pursuant to the provisions of the Warrant Agreement. Payment for shares of Common Stock upon exercise of Warrants must be in cash. The Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on October 30, 2026 (the “Expiration Date”).GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C36][C36] Form 10-Q, warrantsDuring the six months ended August 1, 2026 , holders exercised 2,534 Warrants, resulting in the issuance of 2,534 shares of common stock and cash proceeds of $0.1 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm GameStop may lower the $32.00 price on its own. If it does, we still judge our call on the original $32.00 and October 30 terms. [C67][C67] Warrant agreementIn addition, the Strike Price may be voluntarily decreased by the Company and the Warrant Exercise Rate may be voluntarily increased by the Company from time to time.GameStop warrant agreement, Exhibit 4.1 to the Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/ex-41fy25q4.htm [C35][C35] Form 10-Q, warrantsEach Warrant entitles the holder to purchase, at the holder’s sole and exclusive election, at a cash exercise price of $32.00 per Warrant (the “Exercise Price”), one share of Common Stock, subject to adjustment pursuant to the provisions of the Warrant Agreement. Payment for shares of Common Stock upon exercise of Warrants must be in cash. The Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on October 30, 2026 (the “Expiration Date”).GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

More stock could come. If every warrant were used, GameStop would issue 59,153,963 shares, and the remaining notes could turn into about 95.6 million shares. [C66][C66] Form 10-K, risk factorsif all Warrants distributed in the warrant distribution are exercised, we would issue 59,153,963 shares of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C69][C69] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2030 Notes, net of debt issuance costs of $ 14.4 million was $ 1,485.6 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C70][C70] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2032 Notes, net of debt issuance costs of $ 17.8 million was $ 2,682.2 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C64][C64] Form 10-K, convertible notesThe conversion rate for the Convertible 2030 Notes was initially 33.4970 shares of Common Stock per $1,000 principal amount of Notes, which was equivalent to an initial conversion price of approximately $ 29.85 per share of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C65][C65] Form 10-K, convertible notesconversion rate for the Convertible 2032 Notes will initially be 34.5872 shares of Common Stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $ 28.91 per share of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm If all warrants and notes turned into stock, the share count would rise from 504,500,990 to about 659 million, about 31% more. [C38][C38] Form 10-Q, coverNumber of shares of $.001 par value Class A Common Stock outstanding as of September 3, 2026: 504,500,990 .GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C66][C66] Form 10-K, risk factorsif all Warrants distributed in the warrant distribution are exercised, we would issue 59,153,963 shares of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C69][C69] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2030 Notes, net of debt issuance costs of $ 14.4 million was $ 1,485.6 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C70][C70] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2032 Notes, net of debt issuance costs of $ 17.8 million was $ 2,682.2 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C33][C33] Form 10-Q, subsequent eventsthe Company agreed to exchange approximately (i) $ 400 million aggregate principal amount of the outstanding 2030 Notes, and (ii) $ 1.0 billion aggregate principal amount of the outstanding 2032 NotesGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C64][C64] Form 10-K, convertible notesThe conversion rate for the Convertible 2030 Notes was initially 33.4970 shares of Common Stock per $1,000 principal amount of Notes, which was equivalent to an initial conversion price of approximately $ 29.85 per share of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C65][C65] Form 10-K, convertible notesconversion rate for the Convertible 2032 Notes will initially be 34.5872 shares of Common Stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $ 28.91 per share of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm Shareholders raised the number of shares GameStop may issue to 2.5 billion in July. It has a shelf registration in place to sell stock, and it has said it may sell through an at-the-market program. Whether it will is unknown. [C59][C59] Form 10-Q, MD&AOn July 7, 2026, GameStop shareholders approved an amendment to the Company’s certificate of incorporation, increasing the number of authorized shares of Class A common stock from 1.0 billion to 2.5 billion.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C84][C84] Form 10-K, warrantspursuant to the Company’s existing shelf registration statement on Form S-3 ASR, effective as of October 3, 2025GameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C68][C68] Form 10-K, risk factorsAccordingly, we may, from time to time and at any time, seek to offer and sell our equity securities, including sales of our Class A Common Stock pursuant to an at-the-market program, based upon market conditions and other factors.GameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm

The stock rose about 12% from $21.45 on September 15 to $24.10 on October 1, while the SPDR retail fund fell about 0.7%. [M01][M01] IEX closing pricesGME closed at $21.45 on September 15, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [M02][M02] IEX closing pricesGME closed at $24.10 on October 1, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [M04][M04] IEX closing pricesXRT closed at $83.23 on September 15, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [M05][M05] IEX closing pricesXRT closed at $82.645 on October 1, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ Cohen's filing is dated October 2, a Friday. So the next Monday is the first full trading day that can react. The October 2 close, the time of day of the filing and the stock's range over the past year are not in our sources. [C85][C85] Schedule 13D/A, cover10/02/2026 (Date of Event Which Requires Filing of This Statement)Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml At $24.10 the 504,500,990 shares were worth about $12.2 billion. The price is below the $28.91 and $29.85 at which the notes turn into stock. [M02][M02] IEX closing pricesGME closed at $24.10 on October 1, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [C38][C38] Form 10-Q, coverNumber of shares of $.001 par value Class A Common Stock outstanding as of September 3, 2026: 504,500,990 .GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C65][C65] Form 10-K, convertible notesconversion rate for the Convertible 2032 Notes will initially be 34.5872 shares of Common Stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $ 28.91 per share of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C64][C64] Form 10-K, convertible notesThe conversion rate for the Convertible 2030 Notes was initially 33.4970 shares of Common Stock per $1,000 principal amount of Notes, which was equivalent to an initial conversion price of approximately $ 29.85 per share of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm

Start with about $5.06 billion of cash and securities. Take off the $358.4 million paid on September 3. Add the eBay stake, worth about $4.6 billion at $105.92, and the total is about $9.3 billion. [C28][C28] Form 10-Q, balance sheetCash and cash equivalents $ 4,854.3 $ 8,694.4 $ 6,304.7GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C55][C55] Form 10-Q, balance sheetMarketable securities 206.0 — 2,709.1GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C34][C34] Form 10-Q, subsequent eventsThe Exchange closed on September 3, 2026. In total, the Existing Noteholders received in the aggregate approximately 55.5 million shares of Class A common stock and approximately $ 358.4 million in cash.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C30][C30] Form 10-Q, note on eBayAs of August 1, 2026, the Company beneficially owned an aggregate of 43,390,383 shares of eBay Common Stock, representing approximately 9.8 % of the outstanding eBay Common Stock, with a fair value of approximately $ 4.9 billion.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [M03][M03] IEX closing pricesEBAY closed at $105.92 on October 1, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ About $2.8 billion of notes is still owed. [C69][C69] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2030 Notes, net of debt issuance costs of $ 14.4 million was $ 1,485.6 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C70][C70] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2032 Notes, net of debt issuance costs of $ 17.8 million was $ 2,682.2 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C33][C33] Form 10-Q, subsequent eventsthe Company agreed to exchange approximately (i) $ 400 million aggregate principal amount of the outstanding 2030 Notes, and (ii) $ 1.0 billion aggregate principal amount of the outstanding 2032 NotesGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm That is about $1.1 billion of 2030 notes and $1.7 billion of 2032 notes. After September 3 it had about $4.7 billion of cash and securities, so it holds about $1.9 billion more cash than debt, before eBay. None of the notes pay interest. [C69][C69] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2030 Notes, net of debt issuance costs of $ 14.4 million was $ 1,485.6 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C70][C70] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2032 Notes, net of debt issuance costs of $ 17.8 million was $ 2,682.2 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C33][C33] Form 10-Q, subsequent eventsthe Company agreed to exchange approximately (i) $ 400 million aggregate principal amount of the outstanding 2030 Notes, and (ii) $ 1.0 billion aggregate principal amount of the outstanding 2032 NotesGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C28][C28] Form 10-Q, balance sheetCash and cash equivalents $ 4,854.3 $ 8,694.4 $ 6,304.7GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C55][C55] Form 10-Q, balance sheetMarketable securities 206.0 — 2,709.1GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C34][C34] Form 10-Q, subsequent eventsThe Exchange closed on September 3, 2026. In total, the Existing Noteholders received in the aggregate approximately 55.5 million shares of Class A common stock and approximately $ 358.4 million in cash.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C93][C93] Form 10-Q, note on debtaggregate principal amount of our 0.00 % Convertible Senior Notes due 2030GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C86][C86] Form 10-Q, note on debtaggregate principal amount of our 0.00 % Convertible Senior Notes due 2032GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm So net of the notes, cash and eBay come to about $6.5 billion, against a market value of about $12.2 billion. [C28][C28] Form 10-Q, balance sheetCash and cash equivalents $ 4,854.3 $ 8,694.4 $ 6,304.7GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C55][C55] Form 10-Q, balance sheetMarketable securities 206.0 — 2,709.1GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C34][C34] Form 10-Q, subsequent eventsThe Exchange closed on September 3, 2026. In total, the Existing Noteholders received in the aggregate approximately 55.5 million shares of Class A common stock and approximately $ 358.4 million in cash.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C30][C30] Form 10-Q, note on eBayAs of August 1, 2026, the Company beneficially owned an aggregate of 43,390,383 shares of eBay Common Stock, representing approximately 9.8 % of the outstanding eBay Common Stock, with a fair value of approximately $ 4.9 billion.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [M03][M03] IEX closing pricesEBAY closed at $105.92 on October 1, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [C69][C69] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2030 Notes, net of debt issuance costs of $ 14.4 million was $ 1,485.6 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C70][C70] Form 10-Q, note on debtAs of August 1, 2026 , the balance of the 2032 Notes, net of debt issuance costs of $ 17.8 million was $ 2,682.2 million.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C33][C33] Form 10-Q, subsequent eventsthe Company agreed to exchange approximately (i) $ 400 million aggregate principal amount of the outstanding 2030 Notes, and (ii) $ 1.0 billion aggregate principal amount of the outstanding 2032 NotesGameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C38][C38] Form 10-Q, coverNumber of shares of $.001 par value Class A Common Stock outstanding as of September 3, 2026: 504,500,990 .GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [M02][M02] IEX closing pricesGME closed at $24.10 on October 1, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/

The bull case is that the people who know the company best are buying, even as the price rises. GameStop makes cash and holds billions in cash and eBay stock. It has a $2.0 billion buyback plan it has not used, and its notes carry a 0.00% rate. [C1][C1] Schedule 13D/A, Item 5(c)On October 2, 2026, Mr. Cohen purchased an aggregate of 700,000 Shares at a weighted average price of $24.4061 per Share in multiple transactions at prices ranging from $24.3600 to $24.4400, inclusive.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml [C7][C7] Schedule 13D/A, Item 5(c)On September 10, 2026, Mr. Cohen purchased an aggregate of 1,000,000 Shares at a weighted average price of $20.3759 per ShareRyan Cohen Schedule 13D amendment on GameStop, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002530/xslSCHEDULE_13D_X02/primary_doc.xml [C54][C54] Form 10-Q, cash flow statementNet cash flows provided by operating activities 399.8 309.9 Cash flows from investing activities: Capital expenditures ( 6.2 ) ( 7.0 )GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C28][C28] Form 10-Q, balance sheetCash and cash equivalents $ 4,854.3 $ 8,694.4 $ 6,304.7GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C30][C30] Form 10-Q, note on eBayAs of August 1, 2026, the Company beneficially owned an aggregate of 43,390,383 shares of eBay Common Stock, representing approximately 9.8 % of the outstanding eBay Common Stock, with a fair value of approximately $ 4.9 billion.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C37][C37] Form 10-Q, share repurchasesNo shares of our Class A common stock were repurchased during the three months ended August 1, 2026, and the full $2.0 billion remained available under the authorization as of August 1, 2026.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C86][C86] Form 10-Q, note on debtaggregate principal amount of our 0.00 % Convertible Senior Notes due 2032GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

The bear case, which we rank as the bigger risk, is what sits under the cash. Net sales fell 18.7%, and much of the profit came from market gains on eBay that can reverse. [C22][C22] Form 10-Q, MD&ANet sales decreased $182.0 million, or 18.7% for the three months ended August 1, 2026, compared to the prior year period.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C26][C26] Form 10-Q, statement of operationsGain on derivative asset, net ( 166.3 ) — ( 434.7 ) —GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C27][C27] Form 10-Q, statement of operationsUnrealized gain on equity investment ( 72.1 ) — ( 72.1 ) —GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm The eBay offer has not become a deal. New shares from the note swap, the warrants and any stock sales could dilute holders. Insider buying before the warrant deadline could also be read as propping up the price. [C29][C29] Form 10-Q, note on eBayOn May 3, 2026, the Company submitted a non-binding proposal (the "Proposal") to acquire 100 % of the outstanding shares of eBay for $ 125.00 per share in a transaction consisting of cash and Company stock.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C34][C34] Form 10-Q, subsequent eventsThe Exchange closed on September 3, 2026. In total, the Existing Noteholders received in the aggregate approximately 55.5 million shares of Class A common stock and approximately $ 358.4 million in cash.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C66][C66] Form 10-K, risk factorsif all Warrants distributed in the warrant distribution are exercised, we would issue 59,153,963 shares of Common StockGameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C68][C68] Form 10-K, risk factorsAccordingly, we may, from time to time and at any time, seek to offer and sell our equity securities, including sales of our Class A Common Stock pursuant to an at-the-market program, based upon market conditions and other factors.GameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm [C35][C35] Form 10-Q, warrantsEach Warrant entitles the holder to purchase, at the holder’s sole and exclusive election, at a cash exercise price of $32.00 per Warrant (the “Exercise Price”), one share of Common Stock, subject to adjustment pursuant to the provisions of the Warrant Agreement. Payment for shares of Common Stock upon exercise of Warrants must be in cash. The Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on October 30, 2026 (the “Expiration Date”).GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm We think GameStop will not close above $32.00 before the warrants expire on October 30. We are wrong if the stock rises about 33% from its October 1 close by then. [C35][C35] Form 10-Q, warrantsEach Warrant entitles the holder to purchase, at the holder’s sole and exclusive election, at a cash exercise price of $32.00 per Warrant (the “Exercise Price”), one share of Common Stock, subject to adjustment pursuant to the provisions of the Warrant Agreement. Payment for shares of Common Stock upon exercise of Warrants must be in cash. The Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on October 30, 2026 (the “Expiration Date”).GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [M02][M02] IEX closing pricesGME closed at $24.10 on October 1, 2026 (IEX)IEX closing prices for GME, EBAY and XRT, September 15 to October 1, 2026Open source ↗https://iextrading.com/trading/market-data/

Why Cohen is buying now, and whether he plans to buy more or use his warrants. His filings give no reason beyond the purchases. [C1][C1] Schedule 13D/A, Item 5(c)On October 2, 2026, Mr. Cohen purchased an aggregate of 700,000 Shares at a weighted average price of $24.4061 per Share in multiple transactions at prices ranging from $24.3600 to $24.4400, inclusive.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml [C2][C2] Schedule 13D/A, Item 5(a)As of the date hereof, Mr. Cohen directly beneficially owned 45,383,306 Shares, including 3,734,784 Shares underlying the Warrants, constituting approximately 8.9% of the Shares outstanding.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml

Whether Cohen used margin loans for these purchases, and how much. His filings say only that his funds may include them. [C3][C3] Schedule 13D/A, Item 3The Shares directly owned by Mr. Cohen were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 41,648,522 Shares directly owned by Mr. Cohen is approximately $202,633,741, excluding brokerage commissions.Ryan Cohen Schedule 13D Amendment No. 20 on GameStop, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000092189526002718/xslSCHEDULE_13D_X02/primary_doc.xml

Where the eBay offer stands. The latest filing calls it a non-binding proposal from May. [C29][C29] Form 10-Q, note on eBayOn May 3, 2026, the Company submitted a non-binding proposal (the "Proposal") to acquire 100 % of the outstanding shares of eBay for $ 125.00 per share in a transaction consisting of cash and Company stock.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

Whether GameStop will lower the $32.00 price or change the warrants before October 30. The warrant terms let it lower the price on its own. [C67][C67] Warrant agreementIn addition, the Strike Price may be voluntarily decreased by the Company and the Warrant Exercise Rate may be voluntarily increased by the Company from time to time.GameStop warrant agreement, Exhibit 4.1 to the Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/ex-41fy25q4.htm [C35][C35] Form 10-Q, warrantsEach Warrant entitles the holder to purchase, at the holder’s sole and exclusive election, at a cash exercise price of $32.00 per Warrant (the “Exercise Price”), one share of Common Stock, subject to adjustment pursuant to the provisions of the Warrant Agreement. Payment for shares of Common Stock upon exercise of Warrants must be in cash. The Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on October 30, 2026 (the “Expiration Date”).GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

How large the non-cash charge from the September note swap will be. Results for the fiscal third quarter, the 13 weeks after August 1, should show it, along with the new value of the eBay stake. GameStop's fiscal year ends January 30, 2027. [C43][C43] Form 10-Q, subsequent eventsGameStop expects to recognize a non-cash charge in connection with the Exchange.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C30][C30] Form 10-Q, note on eBayAs of August 1, 2026, the Company beneficially owned an aggregate of 43,390,383 shares of eBay Common Stock, representing approximately 9.8 % of the outstanding eBay Common Stock, with a fair value of approximately $ 4.9 billion.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C95][C95] Form 10-Q, basis of presentationFiscal 2026 consists of 52 weeks ending January 30, 2027.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

Whether GameStop has bought back stock or sold new stock since August 1. It had a $2.0 billion buyback plan and an at-the-market option. [C37][C37] Form 10-Q, share repurchasesNo shares of our Class A common stock were repurchased during the three months ended August 1, 2026, and the full $2.0 billion remained available under the authorization as of August 1, 2026.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C68][C68] Form 10-K, risk factorsAccordingly, we may, from time to time and at any time, seek to offer and sell our equity securities, including sales of our Class A Common Stock pursuant to an at-the-market program, based upon market conditions and other factors.GameStop annual report on Form 10-K for the year ended January 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm

What happened to the pledged bitcoin and the options on it after August 1. The receivable was $294.1 million then. [C41][C41] Form 10-Q, bitcoinIn connection with the covered-call strategy, the Company pledged 4,709 Bitcoin (the "Pledged Bitcoin") as collateral.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm [C61][C61] Form 10-Q, balance sheetDigital assets and related receivables 294.1 — 368.4GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm

Whether GameStop is negotiating a large purchase. It says it has no binding agreement but is looking at deals that could need a lot of money. [C57][C57] Form 10-Q, MD&AWhile the Company has no binding agreements for a specific transaction at this time, we are actively evaluating opportunities that could require significant capital deployment.GameStop quarterly report on Form 10-Q for the quarter ended August 1, 2026, filed September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm