GameStop CEO Ryan Cohen Eyes Major Consumer Acquisition, May Exit Bitcoin

GameStop (GME) is pursuing a transformative acquisition of a large publicly traded consumer company, potentially marking an exit from its bitcoin holdings. CEO Ryan Cohen described the target as "very, very, very big" and said the deal could elevate GameStop’s valuation into the hundreds of billions, calling it unprecedented in capital markets. The announcement lifted GME shares more than 8% on February 2, 2026, extending its year-to-date gain to 25%. This rebound follows a May 2025 disclosure that GameStop had bought 4,710 BTC for $428 million—a stake now worth $368 million. Last week, blockchain data showed the entire holding was moved to Coinbase Prime, fueling speculation of an imminent sale. Cohen declined to confirm if bitcoin would fund the deal but stated the new strategy is “way more compelling than bitcoin,” targeting firms with undervalued stock, strong fundamentals, and “sleepy management.”