Ryan Cohen Teases 'Very Big' Consumer Megadeal for GameStop

Overview

• In a CNBC interview, Cohen said GameStop plans to acquire a publicly traded consumer company that is "very, very, very big."
• He described the ideal target as undervalued with strong fundamentals and a sleepy management team, expecting to boost efficiency with GameStop’s capital and governance.
• Blockchain data showed GameStop moved its 4,710 bitcoin to Coinbase Prime, and Cohen called the new strategy "way more compelling than bitcoin" while declining to say if the crypto will be sold.
• GameStop shares rose more than 8% Monday, lifting the year-to-date gain to about 25% on renewed acquisition signaling.
• GameStop holds roughly $9 billion in cash to pursue a deal, and separate reports note Cohen’s potential $35 billion payout tied to reaching a $100 billion valuation.