GameStop’s Ryan Cohen signals a pivot away from bitcoin as he eyes a “consumer megadeal”
GameStop (GME) appears to be shifting focus away from its recent bitcoin bet as CEO Ryan Cohen teases a blockbuster acquisition in the consumer sector.
In a CNBC interview last week, Cohen said GameStop is pursuing a publicly traded consumer company that’s “very, very, very big” — a deal he claims could lift GameStop’s valuation into the “hundreds of billions” and be “transformational” not only for GameStop but for capital markets more broadly. He said the ideal target would have an undervalued stock, solid fundamentals and a “sleepy management team” that GameStop could overhaul using its capital, governance and operational playbook.
Wall Street reacted immediately: GME popped more than 8% on Monday, bringing its year-to-date gain to roughly 25% and recovering much of the drop the stock suffered after GameStop disclosed its late‑May purchase of 4,710 bitcoin (then valued at about $428 million).
For crypto investors, the move is notable because blockchain data last week showed GameStop had moved that entire BTC holding to Coinbase Prime — Coinbase’s institutional custody and trading arm — sparking speculation that the company might sell the coins to help fund the acquisition. Cohen would not confirm whether the bitcoin would be liquidated. “I’m not prepared to say,” he told CNBC, adding only that the new acquisition strategy is “way more compelling than bitcoin.”
If GameStop does sell its bitcoin, that would mark a clear strategic pivot from digital‑asset exposure back toward large-scale consumer M&A — a shift that could reshape both the company’s trajectory and how investors value the meme‑stock-turned-operator under Cohen’s leadership.
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