GameStop Corp. (NYSE: GME) is preparing for a transformative corporate move as CEO Ryan Cohen targets the acquisition of a large publicly traded consumer company. Cohen described the potential target as “very, very big” with undervalued stock and a “sleepy management team.” The move signals a strategic shift beyond GameStop’s traditional video game retail operations, aiming to leverage the company’s capital, governance, and operational expertise to drive efficiency and long-term growth.
The company currently holds roughly $9 billion in cash and liquid assets, alongside a strategic reserve of $519 million in Bitcoin. Blockchain data indicate that GameStop transferred its Bitcoin holdings to Coinbase Prime in early February 2026, fueling speculation that these assets may be used to fund the upcoming acquisition. Cohen emphasized that the new strategy is “more compelling than Bitcoin,” signaling a pivot toward a diversified conglomerate model similar to Berkshire Hathaway.
Cohen’s compensation plan, announced in January 2026, is fully performance-based. If GameStop reaches a $100 billion market capitalization and $10 billion in cumulative EBITDA by 2035, Cohen could receive stock options valued at roughly $35 billion. The plan includes no guaranteed salary, cash bonuses, or time-based vesting, reflecting a high-risk, high-reward structure. Shareholders are expected to vote on the plan at a special meeting in spring 2026.
Since becoming CEO in September 2023, Cohen has led a series of aggressive restructuring efforts. These include shuttering hundreds of underperforming stores and expanding high-margin categories such as collectibles, which now account for nearly 28% of total revenue. Meanwhile, GameStop’s hardware and software segments continue to face declining sales, highlighting the need for a bold pivot to stabilize and grow the business.
GameStop’s stock price reacted positively to the announcement, rising more than 8% on February 3, 2026, following news of Cohen’s ambitious acquisition plan. Options markets indicate additional upside potential in the coming months. Analysts caution that while the company’s cash reserves and Cohen’s track record provide a strong foundation, achieving a $100 billion valuation remains a highly ambitious goal given GameStop’s historical volatility and limited Wall Street coverage.
Investors and market watchers continue to debate the potential outcomes. Some view Cohen’s plan as visionary, positioning GameStop as a diversified investment vehicle beyond retail. Others question whether the company can successfully execute such a large-scale acquisition, given the risks of integrating a publicly traded firm and transforming its operations. The coming months will be critical in determining whether GameStop can fulfill Cohen’s ambitious vision and redefine its market identity.
