Michael Burry Says He Bought More GME Stock At $25.56 — And Feels Ryan Cohen 'May Continue To Be Patient' On Acquisition

• Burry has been accumulating GameStop stock since January.
• Although Burry did not disclose the size of his latest GME purchase, an investment advisor estimated it at around $6.4 million.
• Stocktwits sentiment for GME improved to ‘extremely bullish.’

GameStop shares rose 2.3% in extended trading on Wednesday, after noted investor Michael Burry said he acquired more shares of the video game retailer.

“The Big Short” investor bought the stock at $25.56 a piece on Wednesday, just below the stock’s closing price. Burry initially held a position in GameStop in 2019-2020, which he sold before its famous “meme” rally in 2021. He has been accumulating the stock since January this year, although his exact stake is not known.

“The position has been shrinking, more than I like, as a percentage of my portfolio due to cash inflows. I have been waiting for lower prices, and decided to pay up today before it moves more,” Burry said in a Substack post.

“This is a fair price, though with the market moving up, Ryan may continue to be patient on the acquisition front,” he added. GameStop is in the market to acquire a publicly listed retail company, a plan CEO Ryan Cohen first disclosed in January.
 

GME Business Recap

GameStop investors had expected an update on that plan during the company’s most recent quarterly results announced on March 25, but were left disappointed. The company, however, reported a $2.7 billion holding under “marketable securities,” up from $18 million a year ago.

Meanwhile, GameStop's underlying business continued to shrink. Revenue fell 14% to $1.10 billion in the January quarter, while profit declined to $127.9 million from $131.3 million. GME stock has traded within a range since the middle of last year and is up 28% year-to-date.

The GME ticker was drawing heavy buzz on Stocktwits Wednesday evening, with retail sentiment shifting to ‘extremely bullish’ from ‘bullish.’ Several traders noticed Burry expanding his position.

Kevin Malone, founder of investment advisor Malone Wealth Ventures LLC, said on X that Burry picked up about 250,000 GME shares, which would total $6.4 million. 

GameStop’s Console Trade-In Offer

Separately, the company drew heavy online buzz in recent days over its console trade-in promotional offer. 

GameStop ran a limited-time promotion for two days, ending Wednesday, offering $420.69 in cash or credit for trade-ins of Xbox Series X or PS5 Slim consoles. 

The deliberately meme-referencing price – tying into 4/20 cannabis culture and the iconic “$420.69” figure long associated with GME’s online community – generated significant buzz on forums, social media, and among retail traders.

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