GameStop CEO Ryan Cohen announces acquisition of more than $505 million in Bitcoin
GameStop Ryan Cohen, CEO of GameStop Ryan Cohen, announced in an interview with the CEO of Nakamoto David Bailey at a 2025 Bitcoin conference in Las Vegas.
Ryan Cohen first explained some things about the GameStop business.
“When I took over, the company was a piece of nonsense, lost a lot of money and was under tremendous pressure from physical growth to digital downloads, so you had to cut costs,” Cohen said. “It was very positive to bring physical discipline, and we did. Retail was a tough business, but it was a focus, focusing on cost control.”
When Bailey asked Cohen how much Bitcoin GameStop, Ryan replied: “We currently have 4710 bitcoins.”
Ryan then mentioned why they added bitcoin to their balance sheet.
“If the paper is correct, then Bitcoin and gold could also be a hedge against global currency depreciation and systemic risks,” Ryan said. “Bitcoin is better than gold.”
He commented on the benefits of Bitcoin compared to gold.
“You can easily pin Bitcoin in your wallet, and gold needs insurance, and it’s very expensive, and then there’s a scarce element,” Ryan said. “There is a fixed supply of Bitcoin, and the supply of gold is still uncertain.”
Ryan announced: “GameStop is following GameStop strategy. We are not following other people’s strategies.”
