'Way more compelling than bitcoin': GameStop's (GME) Ryan Cohen moving on to other acquisition targets
CoinDesk
GameStop CEO Ryan Cohen is pursuing a 'transformational' consumer megadeal, suggesting it is more compelling than the company's existing bitcoin holdings.Summary
GameStop CEO Ryan Cohen is planning a major acquisition of a very large, publicly traded consumer company, describing the potential deal as "transformational" and "way more compelling than bitcoin." This ambition has fueled an 8% surge in GME's stock price on Monday. Cohen is seeking a firm with an undervalued stock and strong fundamentals, intending to leverage GameStop’s capital and operational expertise to drastically improve efficiency. This strategic pivot coincides with GameStop transferring its entire bitcoin stash (which has depreciated in value) to Coinbase Prime, leading to speculation about liquidation to fund the new consumer-focused strategy, although Cohen declined to confirm the sale of the crypto assets.
(Source：CoinDesk)