GameStop CEO hints at possible Bitcoin sale to fund major acquisition plans

GameStop transferred all of its 4,710 bitcoins to Coinbase Prime in January, sparking speculation in the market about a potential sell-off. The company had previously built a bitcoin position of about $500 million, which is now valued at approximately $362.4 million. CEO Ryan Cohen stated in an interview with CNBC on Friday that the company is shifting towards a transformative acquisition strategy, claiming that this plan is more attractive than bitcoin.

Cohen declined to disclose whether the company would liquidate its bitcoins but emphasized that the acquisition plan is transformative not only for GameStop but for the entire capital market. Following the announcement, GameStop's stock price rose by about 8.25% to $25.85.