GameStop Teases Acquisition 'Way More Compelling Than Bitcoin' As Questions About Its BTC Stash Linger

Core Insights - GameStop is planning a significant acquisition that could potentially increase its valuation to "several hundreds of billions of dollars," according to CEO Ryan Cohen [1] - The company is looking for a public consumer company with strong growth prospects and a "sleepy management team" as its acquisition target [1] - Cohen indicated that the new acquisition plan is "way more compelling than Bitcoin" and could be transformational for both GameStop and the capital markets [2] Financial Position - As of Q3, GameStop reported having $8.8 billion in cash and marketable securities, along with $519 million in Bitcoin [3] - The company's Bitcoin holdings, initially valued at $513 million when purchased, are now worth approximately $334 million due to market conditions [5] Market Speculation - There is speculation among market watchers that GameStop may be preparing to sell its Bitcoin holdings, especially after reports indicated that the Bitcoin stash had been moved to Coinbase Prime [4] - The company's previous acquisition of 4,710 BTC was seen as a hedge against inflation, but the current bear market has significantly reduced its value [5]