GameStop CEO Announces Over $505 Million Bitcoin Buy at Conference
At the 2025 Bitcoin Conference in Las Vegas, GameStop CEO Ryan Cohen, in an interview with Nakamoto CEO David Bailey, announced that the company has acquired over $505 million worth of Bitcoin. Specifically, GameStop currently holds 4,710 Bitcoin. This move marks a significant step for the traditional video game retailer into digital asset reserves, reflecting a broader trend of publicly traded companies diversifying their treasury holdings.
Ryan Cohen on GameStop's Turnaround and Cost Control
Cohen began by describing the state of GameStop when he took over: "The company was a piece of crap and losing a lot of money, facing immense pressure to transition from physical games to digital downloads. We had to cut costs very aggressively." He noted that retail is a tough business, but through disciplined physical management, GameStop regained cost control. Adding Bitcoin to the balance sheet is part of this strategic overhaul.
Why Bitcoin Over Gold?
When asked why GameStop chose Bitcoin, Cohen explained: "If the thesis is correct, both Bitcoin and gold can be a hedge against global currency devaluation and systemic risk. But Bitcoin has certain unique advantages over gold." He elaborated that Bitcoin can be securely stored in a digital wallet without expensive insurance, whereas gold requires costly storage and insurance. Moreover, Bitcoin has a fixed supply of 21 million coins, while gold's total supply remains uncertain due to ongoing mining. Scarcity is a key attribute for a store of value, and in that regard, Bitcoin is superior.
"GameStop Strategy": Not Following Others
Concluding the announcement, Cohen stated firmly: "GameStop is following GameStop's strategy. We are not following anyone else's." This remark likely refers to the fact that some companies, like MicroStrategy, have led the corporate Bitcoin adoption wave. GameStop's decision, however, was made independently after evaluating the merits of Bitcoin. The announcement has sparked fresh debate on whether more traditional firms should allocate a portion of their treasury to digital assets, given the macroeconomic environment of currency debasement.