Why GameStop Stock Popped 11% Friday as Stock Indexes Fell

GameStop (GME) shares jumped Friday after a regulatory filing revealed that CEO Ryan Cohen purchased 500,000 shares of the company.

Cohen bought the shares Thursday at an average price of $21.55, bringing his stake in the video game retailer to more than 37 million shares, or roughly 8.4%, the filing said.

GameStop’s share price popped 11% Friday to $23.49 after closing a day earlier at $21.10, the gains coming as broader markets fell dramatically. (Read Investopedia’s coverage of today’s trading here.)

The purchase came a little over a week after GameStop added bitcoin to its corporate investment policy in an announcement alongside its fourth-quarter results.

The former meme stock has lost about a quarter of its value so far this year, accounting for Friday’s gains. Still, it’s more than doubled over the past 12 months.