GameStop Eyes Transformational Acquisition as Bitcoin Strategy Faces Uncertain Future

GameStop (GME) is once again capturing market attention as the company explores a high-stakes acquisition that could fundamentally reshape its business and potentially mark the end of its brief but notable bitcoin experiment. In a recent CNBC interview, GameStop CEO Ryan Cohen revealed that the company is targeting a “very, very, very big” publicly traded consumer company, describing the potential deal as “transformational” not only for GameStop, but for the broader capital markets as well.

Cohen suggested that the acquisition could propel GameStop’s valuation into the hundreds of billions, a bold claim that immediately energized investors. Following the interview, GME shares jumped more than 8% on Monday, pushing the stock’s year-to-date gains to roughly 25%. This rally helped recover a significant portion of the losses GameStop suffered after disclosing in late May that it had purchased 4,710 bitcoin, a stash that was then valued at approximately $428 million.

The acquisition target remains undisclosed, but Cohen outlined clear criteria. He is seeking a consumer-sector company with a depressed stock price, solid underlying fundamentals, and what he described as a “sleepy management team.” According to Cohen, GameStop believes it can unlock value by applying its capital resources, tighter governance, and operational discipline to dramatically improve efficiency and performance at the acquired firm.

For crypto investors, the story carries an additional layer of intrigue. Blockchain data revealed last week that GameStop transferred its entire bitcoin holdings—now worth around $368 million—to Coinbase Prime. The move immediately sparked speculation that the company may be preparing to sell its bitcoin to help finance the acquisition.

When pressed on whether GameStop plans to liquidate its bitcoin reserves, Cohen declined to provide a definitive answer. However, he made it clear that the new acquisition strategy is “way more compelling than bitcoin,” signaling a possible shift away from digital assets.

If GameStop ultimately exits bitcoin to fund a massive consumer acquisition, it would mark a significant pivot in strategy—one that underscores Cohen’s ambition to reinvent the company and redefine its role in the public markets.