GameStop May Phase Out Bitcoin, Plans to Advance "Super Merger in Consumer Sector"

Odaily News, GameStop CEO Ryan Cohen stated that the company is planning a high-risk, high-impact merger and acquisition transaction, targeting a "very, very large" publicly listed consumer company. This move may imply that GameStop will gradually exit its Bitcoin allocation.

In an interview with CNBC, Ryan Cohen described this acquisition as having "transformative significance." It could not only push GameStop's valuation to the scale of hundreds of billions of dollars but also have a profound impact on the capital markets. He mentioned that the potential target should have an undervalued stock price, solid fundamentals, and "a management lacking ambition." The plan is to enhance its efficiency through GameStop's capital, governance, and operational capabilities.

Reports indicate that last week, on-chain data showed GameStop had transferred all 4,710 Bitcoins it held to Coinbase Prime, sparking market speculation that it might be selling Bitcoin to raise funds for the acquisition. Regarding this, Ryan Cohen did not directly address whether Bitcoin would be fully liquidated, only stating that the new strategy is "more attractive than Bitcoin." The news drove GME's stock price up over 8% on Monday, with a year-to-date increase of approximately 25%. (CoinDesk)