TLDR
GameStop CEO Ryan Cohen revealed plans to acquire a major publicly traded consumer company
GME stock surged 8% following the announcement, with year-to-date gains reaching 25%
The company moved 4,710 BTC ($368 million) to Coinbase Prime, suggesting possible liquidation
Cohen called the acquisition plan “way more compelling than bitcoin”
GameStop bought the bitcoin for $428 million in May 2025, now down $60 million in value
GameStop CEO Ryan Cohen just dropped a bombshell that has investors buzzing. The executive announced plans to acquire what he describes as a “very, very, very big” publicly traded consumer company. And the company’s bitcoin holdings might be on the chopping block to make it happen.
GameStop Corp., GME
Cohen shared his vision during a CNBC interview last week. He characterized the potential deal as transformational and unlike anything seen before in capital markets. “If it works, it’s genius. If it doesn’t work, it will be totally foolish,” he said.
The market response was immediate. GME shares jumped over 8% on Monday, trading around $25.85. The stock has now gained 25% year-to-date, recovering most of the losses since the company’s bitcoin purchase last May.
Bitcoin Holdings on the Move
GameStop transferred its entire 4,710 BTC stash to Coinbase Prime in January. The move caught the attention of crypto traders and analysts. On-chain data from CryptoQuant confirmed the transfer, immediately sparking speculation about a potential sale.
The bitcoin holdings are currently valued at $368 million. That’s down from the $428 million GameStop originally spent. The company adopted bitcoin as a treasury reserve asset in March 2025, joining other publicly traded firms betting on digital currency.
When pressed about whether GameStop would liquidate its bitcoin to fund the acquisition, Cohen remained tight-lipped. “I’m not prepared to say,” he told CNBC. But he made his priorities clear by stating the acquisition strategy is “way more compelling than bitcoin.”
The Acquisition Target
Cohen hasn’t named the company he’s targeting. But he laid out specific criteria. He’s looking for an undervalued stock with strong fundamentals and what he called a “sleepy management team.”
The goal is straightforward. GameStop would use its capital and operational expertise to make the acquired business more efficient. Cohen believes the deal could push GameStop’s valuation into the hundreds of billions.
What Analysts Are Saying
Greg Magadini from Amberdata weighed in on the situation. He noted that bitcoin’s recent price decline has brought it near institutional entry points from 2025. “If GME finds a better use of capital, reallocating balance sheet away from bitcoin into an alternative use (such as an acquisition) could make sense,” Magadini explained.
He also pointed out that not all corporate bitcoin holders face the same pressure. Companies like MicroStrategy financed their purchases with longer-term debt. This structure means they won’t be forced to sell even if prices drop further.
GameStop returned to profitability while holding its bitcoin position. The crypto treasury has lost value, but the core business remains stable. Cohen’s latest comments mark the first time he’s publicly questioned the permanence of the bitcoin investment.
The CEO’s focus has clearly shifted to mergers and acquisitions in the consumer space. How he funds this transformational deal remains the biggest question facing GME investors right now.
