GameStop appears to be moving away from Bitcoin and exploring another Hail Mary to bolster its valuation rapidly.
GameStop is plotting a “very, very, very big” acquisition, CEO Ryan Cohen told CNBC on Jan. 30, adding that it could send the company’s valuation to “several hundreds of billions of dollars.”
Cohen declined to identify the target of the acquisition, according to CNBC, but said GameStop is seeking a “high quality, durable, scalable with growth prospects” public consumer company with a “sleepy management team.”
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When asked by CNBC whether GameStop would liquidate its Bitcoin to fund its planned acquisition, Cohen was quoted as saying he was not “prepared to say,” adding that the new plan is “way more compelling than Bitcoin.”
“It’s transformational,” Cohen said. “Not just for GameStop, but ultimately, within the capital markets … this is something that really has never been done before within the history of the capital markets.”
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As of Q3, GameStop boasted $8.8 billion in cash and marketable securities and $519 million in Bitcoin.
Cohen’s remarks add to the cloud of uncertainty hanging over GameStop’s Bitcoin stash. Over the past week, market watchers have speculated that the video game retailer could be preparing to sell its BTC as blockchain analytics company CryptoQuant reported that the stash had been moved to Coinbase Prime.
GameStop announced in May that it had purchased 4,710 BTC, worth $513 million at the time, after raising $1.5 billion from a private offering of convertible notes the month before. Cohen at the time told CNBC he saw the asset as “a hedge against inflation.”
GameStop’s Bitcoin stash is now worth about $334 million as the asset appears to be in the throes of a bear market.
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This article GameStop Teases Acquisition 'Way More Compelling Than Bitcoin' As Questions About Its BTC Stash Linger originally appeared on Benzinga.com
