The asset-management giant has grown its stake in videogame retailer and original meme stock

Shares of videogame retailer and original meme stock GameStop surged recently on no apparent news.

The Vanguard Group Inc. has increased its position in GameStop Corp., according to a filing Wednesday with the Securities and Exchange Commission — with the asset-management giant’s stake in the videogame retailer now surpassing that of GameStop Chief Executive Ryan Cohen’s RC Ventures.

Vanguard, which was already GameStop’s top institutional investor, now has 37,108,031 shares, or an 8.7% stake, in the popular meme stock, according to the SEC filing. Vanguard’s previous position was 29,698,579 shares, or a 6.3% stake, per an August filing.

Cohen’s RC Ventures has 36,847,842 shares, according to an SEC filing in June, representing a 8.6% stake in the company.

“Any increased or decreased investment is merely a function of our index-fund structure and mandate to track the benchmark for a respective fund,” a Vanguard spokesperson told MarketWatch in a statement. “It is not any indication of vanguard providing perspective on the equity.”

Representatives for RC Ventures could not immediately be reached for comment.

GameStop shares surged recently on no apparent news, before snapping a five-day winning streak on Tuesday. The stock ended Wednesday’s session down 1.4% and saw trading volume of 18.38 million shares, above its 65-day average of 8.78 million shares.

The videogame retailer hasn’t issued a press release since Oct. 15, when it announced a collaboration with trading-card and autograph authenticator and grading service Collectors.

Cohen, who endorsed Donald Trump in the presidential election, was named GameStop’s CEO in September 2023. Last December, GameStop’s board of directors approved a new investment policy permitting the company to invest in equity securities, among other investments. The board gave Cohen the authority to manage the investment portfolio.

GameStop shares are up 50.9% in 2024, outpacing the S&P 500 index’s gain of 25.5%.