Just a couple months ago Blockbuster (Symbol: BBI) looked to be on the way up. In fact, it did climb. But, the bottom fell out and it dipped down into the $3 arena.

Many investors have left for greener pastures, but one is taking advantage of the newfound value.

Not one to pass up a deal, evidently, billionaire investor extraordinaire Carl Icahn has increased his stake in Blockbuster. Could we see a stock price spike shortly?

In Monday’s action, Blockbuster climbed up to $4.11, but fell to close at $3.88.

Icahn bought 1.67 million shares of Blockbuster at $3.72—value of the transaction is about $6.15 million.

Blockbuster is in a bitter battle with Netflix and the two companies will continue to fight for some time. Its stock is currently about 47% off the 52-week high of $7.30. For some investors, like Icahn, this is a time to buy.

Incan’s stake in Blockbuster is now at about 24%. He now holds 26.2 million Class A and Class B shares.