Will GameStop Dump Its Bitcoin? CEO Says ‘Way More Compelling’ Move Ahead
GameStop is signaling a shift away from Bitcoin, with CEO Ryan Cohen indicating a focus on a "transformative" acquisition that could change the company’s priorities. Cohen said future deals are "way more compelling than Bitcoin," though he would not confirm whether GameStop plans to sell its approximately $500 million Bitcoin holdings. On-chain data shows GameStop transferred its entire Bitcoin reserve to Coinbase Prime in January, causing speculation about a potential sale, but no liquidation has occurred as of now. GameStop began holding Bitcoin as a treasury reserve in March 2024. Analysts suggest reallocating away from Bitcoin could make financial sense if better investment opportunities exist. Broader concerns remain that a reversal of corporate Bitcoin accumulation could trigger market declines, but some large holders, such as MicroStrategy, are less likely to sell quickly due to their financing structure. GameStop shares rose 8.25% following the acquisition news.
