On the 2025 Bitcoin Convention in Las Vegas, in an interview with the CEO of Nakamoto David Bailey, the CEO of GameStop Ryan Cohen introduced why the corporate purchased over $505 million in Bitcoin.
Ryan Cohen began by explaining some issues concerning the GameStop enterprise.
“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,” said 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 requested Cohen what number of Bitcoin GameStop owned, Ryan responded, “We currently own 4710 Bitcoin.”
Then Ryan talked about why they’re including Bitcoin to their stability sheets.
“If the thesis is correct then Bitcoin and gold as well can be a hedge against global currency devaluation and systemic risk,” talked about Ryan. “Bitcoin has certain unique advantages better than gold.”
He commented on the advantages of Bitcoin in comparison with 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.”
