Ryan Cohen’s Visionary Leadership
Ryan Cohen, the visionary behind GameStop’s transformation, has made another surprising move that underscores his unconventional leadership style. In May 2025, amidst a seemingly routine financial filing to the U.S. Securities and Exchange Commission, it was revealed that GameStop had acquired an impressive 4,710 bitcoins, equivalent to over $500 million. This significant investment came without fanfare—no press release or investor briefing—just a simple update that most in the market overlooked.
GameStop’s Cryptocurrency Strategy
Cohen, who had already resurrected the struggling video game retail chain, now ranks GameStop as the 14th largest corporate holder of Bitcoin. His decisive action forced investors and analysts to reassess their perspectives on the company. Asked directly if GameStop purchased Bitcoin, Cohen confirmed,
“Yes. We currently have 4,710 Bitcoins,”
effectively ending weeks of speculation on the company’s cryptocurrency strategy.
Cohen’s Entrepreneurial Journey
Cohen’s journey is as compelling as his business decisions. Born in Montreal in 1986, he grew up in Florida, where his entrepreneurial instincts emerged early on. By the age of 15, he was making a name for himself on the internet, earning referral fees before launching a full-fledged e-commerce operation by 16. Dropping out of the University of Florida to pursue business, Cohen found success with Chewy, a pet supply company he founded in a volatile e-commerce landscape dominated by giants like Amazon.
Unlike many entrepreneurs who floundered in the face of such competition, Cohen carved out a niche by emphasizing customer relationships over mere transactions. His efforts paid off, and by 2018, Chewy had become a significant player in the market, culminating in a historic $3.35 billion acquisition by PetSmart.
Transforming GameStop
After leaving Chewy, Cohen focused on family life but continued to invest, building a portfolio that included major holdings in companies like Apple and Wells Fargo. It wasn’t long before he turned his attention to GameStop, which many people viewed as a dying entity in a market increasingly driven by digital downloads.
In 2020, Cohen’s firm, RC Ventures, became the largest stakeholder in GameStop, leading analysts to question his expertise. Yet, Cohen recognized the vital brand loyalty and community-centric culture inherent in the gaming world. Upon joining the board in early 2021, he initiated a remarkable transformation of the company, which culminated in a staggering rise of GameStop’s stock price amidst a historic short squeeze.
Under Cohen’s directorship, GameStop underwent substantial restructuring, replacing its management with seasoned executives from successful e-commerce backgrounds. He implemented cost-cutting measures while focusing on maintaining customer satisfaction, leading to a historic turnaround where the company reported its first profits in 2023 after years of losses.
Looking Ahead
As GameStop evolves, Cohen’s recent foray into cryptocurrency—alongside the establishment of an NFT marketplace—reflects both a forward-thinking strategy and caution, especially following previous setbacks in the digital asset market. By integrating 4,710 Bitcoins into GameStop’s balance sheet, Cohen has aimed to position the company strategically, viewing Bitcoin as a hedge against economic instability.
Despite potential stock price volatility following the announcement, Cohen remains unwavering, supported by a loyal base of retail investors known as “apes”. These investors show a level of confidence in Cohen’s vision that transcends typical stock market behavior, focusing on long-term growth rather than short-term gains. Their steadfastness allows him the flexibility to pursue his ambitious strategies without the pressure of immediate market reactions, marking a new chapter in GameStop’s remarkable journey.
