At the 2025 Bitcoin Conference in Las Vegas, in an interview with the CEO of Nakamoto David Bailey, the CEO of GameStop Ryan Cohen announced why the company bought over $505 million in Bitcoin.
Ryan Cohen started by explaining some things about the GameStop business.
“When I took over, the company was a piece of crap and losing a lot of money and was under a lot of pressure moving from physical gains to digital downloads so you had to cut costs,” stated Cohen. “Very aggressively bringing physical discipline and we did. Retail is a tough business, but it was a big focus on getting cost under control.”
When Bailey asked Cohen how many Bitcoin GameStop owned, Ryan responded, “We currently own 4710 Bitcoin.”
Then Ryan mentioned why they are adding Bitcoin to their balance sheets.
“If the thesis is correct then Bitcoin and gold as well can be a hedge against global currency devaluation and systemic risk,” mentioned Ryan. “Bitcoin has certain unique advantages better than gold.”
He commented on the benefits of Bitcoin compared to gold.
“You can easily secure Bitcoin in a wallet whereas gold requires insurance and it’s very expensive and then there is the scarcity element of this as well,” commented Ryan. “There is a fixed supply of Bitcoin whereas with gold, the supply of gold is still uncertain.“
Ryan finished the announcement by saying, “GameStop is following GameStop Strategy. We are not following anyone else’s.”
News source: GameStop CEO Ryan Cohen Announced Acquisition Of Over $505 Million Bitcoin
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