GameStop's Ryan Cohen appears to be moving on from bitcoin, eyes 'consumer megadeal'
Analysis
Price Impact
MedGamestop's ceo ryan cohen hinting at liquidating their 4,710 btc holdings (worth $368 million) for a 'consumer megadeal' signals a potential large sell-off. while not massive in btc's overall daily volume, it's a notable amount from an institutional holder and could introduce selling pressure and negative sentiment.
Trustworthiness
HighThe information comes from a direct interview with gamestop ceo ryan cohen, and on-chain data confirms the transfer of their entire btc stash to coinbase prime, which is often a precursor to selling.
Price Direction
BearishThe explicit statement by cohen that the new deal is 'way more compelling than bitcoin' combined with the move of 4,710 btc to a major exchange suggests a clear intent to divest. this indicates a loss of institutional confidence from gamestop and potential incoming supply to the market, leading to bearish pressure.
Time Effect
ShortThe potential liquidation could happen in the short term, leading to immediate price fluctuations. however, bitcoin's deep liquidity means this single event is unlikely to have a lasting long-term impact on its overall trajectory.
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Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email GameStop's Ryan Cohen appears to be moving on from bitcoin, eyes 'consumer megadeal' GameStop's shares have surged as Cohen teased a "transformational" consumer-related deal he said is "way more compelling than bitcoin." By Krisztian Sandor | Edited by Stephen Alpher Feb 2, 2026, 7:09 p.m. Make us preferred on Google GameStop (Nick Zieminski/REUTERS/CC BY 4.0) What to know : GameStop CEO Ryan Cohen said he's planning a "very, very, very big" acquisition of a publicly traded consumer firm that he described as transformational. He called the new plan "way more compelling than bitcoin" and did not rule out liquidating the firm's bitcoin holdings to free up cash for the acquisition. The company recently moved its entire 4,710 BTC stash to Coinbase Prime, sparking speculation of selling the assets. GameStop (GME) is plotting a high-stakes acquisition that might involve swapping out its bitcoin BTC $ 77,528.46 holdings for a bold bet in the consumer sector. In an interview with CNBC last week, CEO Ryan Cohen said the firm plans to acquire a publicly traded consumer company that’s "very, very, very big" — one that could potentially boost GameStop’s valuation into the hundreds of billions. "It’s transformational," Cohen said. "Not just for GameStop, but ultimately, within the capital markets… this is something that really has never been done before." STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . The news has helped send GME's stock price higher by more than 8% on Monday, bringing its year-to-date gain to 25%. That's recouped much of GME's loss since the company in late May disclosed the purchase of 4,710 bitcoin (then worth $428 million) Cohen didn’t disclose the target but said he’s looking for a firm with an undervalued stock, strong fundamentals, and what he called a "sleepy management team." The goal, he said, is to make the acquired business far more efficient using GameStop’s capital, governance, and operational expertise. What makes Cohen’s ambition notable for crypto investors is that it might mark the end of GameStop’s foray into bitcoin. Last week, blockchain data showed that GameStop had transferred that entire bitcoin stash (today worth just $368 million) to Coinbase Prime, raising immediate speculation that the company was preparing to sell those holdings. Asked whether GameStop would liquidate its bitcoin to fund the acquisition, Cohen declined to confirm. "I’m not prepared to say," he told CNBC, adding that the new strategy is "way more compelling than bitcoin." GameStop Bitcoin News In this article BTC BTC $ 77,528.46 ◢ 0.94 %