All Eyes On GME Stock: CEO Ryan Cohen Is Hunting For ‘Big’ Acquisition With $9B Cash Pile

GameStop’s next buy is likely to be in the consumer or retail sector.

• In an interview with the WSJ, Cohen said GameStop is considering acquiring a retail company.
• The effort is likely to revive the business and stock, as GameStop curtails its physical store footprint.
• GME stock declined 36% in 2025 and has been mixed in the new year.

GameStop CEO Ryan Cohen is eying a “big” acquisition of a publicly traded company, likely in the consumer or retail industry, he said in an interview with the Wall Street Journal, published late Thursday.

Cohen is likely trying to deploy GameStop's growing cash pile, pivot the business as it lessens its physical footprint, and revive the company’s shares.

“It’s ultimately either going to be genius or totally, totally foolish,” Cohen said, referring to his acquisition strategy. He did not discuss the potential targets.

The plan comes as GameStop’s board recently adjusted Cohen’s compensation package. He now stands to earn about $35 billion, mostly in stock awards, if the video games retailer achieves periodic stock and profit milestones. 

Cohen, who earlier cofounded and oversaw the sale of pet products retailer Chewy, recently received a vote of confidence from noted investor Michael Burry.

The “Big Short” investor disclosed a long position on GameStop stock and said he supports Cohen’s approach in deploying the company’s cash and long-term turnaround plan. Burry also floated the idea that it might be beneficial for GameStop to spend $10 billion or more to acquire a quality business.

Notably, Cohen has been buying company stock of late and now owns over 9% of GameStop, according to the WSJ.

Investors hoping for a turnaround at GameStop have so far returned unimpressed. As its core business weakened and more stores were shuttered, GME stock dropped 36% last year, marking its worst performance since 2022. The stock is up nealy 14% in January.

To be sure, there have been pockets of optimism. Some investors point to GameStop’s cost-cutting efforts, expansion into new areas such as games-related merchandise, and a growing cash reserve that includes nearly 5,000 bitcoins as healthy positives.

GME trended among the top five tickers on Stocktwits late Thursday, with an ‘extremely bullish’ sentiment reading.

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