Ryan Cohen once again acted in his characteristic style, taking unannounced and unexplained action without seeking permission.

On a Tuesday in May 2025, a routine disclosure often overlooked by most investors in a U.S. Securities and Exchange Commission (SEC) filing quietly revealed in GameStop's 8-K form: "Purchased a total of 4,710 bitcoins".

This CEO, who had revived a video game retailer on the brink of bankruptcy, had just invested over $500 million of company cash into bitcoin. No press release, no investor conference call, just the minimum disclosure required by law.

When David Bailey from BTC Inc asked Cohen the question everyone was asking, Cohen's answer broke months of speculation.

"Did GameStop buy bitcoin?"

"Yes. We currently own 4,710 bitcoins."

Just like that, Cohen casually transformed GameStop into the 14th largest bitcoin corporate holder globally - just as he had built Chewy from nothing into a $3.35 billion unicorn.

No one following him would be surprised. It was his involvement that inspired millions of retail investors to short some of Wall Street's most established hedge funds. He turned a company many so-called experts believed was doomed into one that disrupted all traditional valuation models.

From a college dropout selling pet food online to becoming a creator of new enterprise strategies, Cohen's life journey began as a teenager in Florida who understood that the best opportunities hide where others have given up.

From Dropout to Business Disruptor

Ryan Cohen's entrepreneurial awakening began before he reached legal driving age.

Born in Montreal in 1986, Cohen's mother was a teacher, and his father Ted Cohen ran a glass vessel import company. The family moved to Coral Springs, Florida when he was young. At 15, Cohen started his own business, collecting referral fees from various e-commerce websites.

By 16, his business had expanded from simple referrals to more structured e-commerce operations, understanding the essence of e-commerce when most people still thought the internet was just a passing trend.

His father Ted became his most important mentor, teaching him about delayed gratification, work ethic, and the importance of viewing business relationships as long-term partnerships. Ultimately, Cohen decided to drop out of the University of Florida to fully commit to business. He had already proven his ability to acquire customers and generate revenue; college was just a detour from his mission.

When financial media's attention was focused on the "meme stock" phenomenon and the battle between retail investors and hedge funds, Cohen was concentrating on more fundamental transformations.

Cohen rebuilt GameStop in the same way he founded Chewy.

When he took over, "the company was a mess and suffering severe losses."

He first cut the leadership team. Ten board members left, replaced by e-commerce executives from Amazon and Chewy who truly understood digital commerce. If you want to compete in the digital realm, you need experienced talent.

Next came cost reduction. Cohen comprehensively cut inefficient segments: redundant positions, underperforming stores, expensive consulting fees, while retaining all customer-related aspects. The goal was to remain profitable even if sales declined.

Let's look at the specific data changes before and after Cohen took over GameStop:

Cohen took over a company with $5.1 billion in revenue and over $200 million in annual losses. After three years of systematic restructuring, in 2023-2024, he successfully led GameStop to its first profitable period. Despite a 25% revenue decline due to store closures, he increased gross margin by 440 basis points and transformed a $215 million annual loss into a $131 million profit. This proves that a smaller company can achieve significant profitability.

His bet was on digital transformation. Physical stores will survive, but only the best will. GameStop's future is online, serving game enthusiasts who want more than just video games - collectibles, trading cards, merchandise, anything related to gaming culture. Cohen also reserved cash and gained the power to make strategic investments. On September 28, 2023, he became CEO while continuing to serve as chairman. His salary is zero. His compensation is entirely tied to stock price, meaning he only gets paid when shareholders profit.

Then came the cryptocurrency bet.

GameStop's first venture into crypto assets demonstrated the prospects and risks of emerging technology.

In July 2022, the company launched a Non-Fungible Token marketplace focused on game-related digital collectibles. Initial results looked promising: over $3.5 million in trading volume in the first 48 hours indicated genuine demand for gaming Non-Fungible Tokens.

But the Non-Fungible Token market collapsed quickly and brutally. Sales plummeted from $77.4 million in 2022 to just $2.8 million in 2023. Citing "regulatory uncertainty in the crypto field", GameStop stopped crypto wallet services in November 2023 and closed Non-Fungible Token trading functions in February 2024.

This failure could have completely ended GameStop's cryptocurrency business. However, Cohen learned from it and developed a more mature digital asset strategy.

Betting on BTC

May 28, 2025. While the market was obsessed with Federal Reserve policies, GameStop quietly purchased 4,710 BTC, valued at $513 million.

Cohen's reasoning was as rigorous as always:

If this argument is correct, BTC and gold can serve as hedges against global currency depreciation and systemic risks. Compared to gold, BTC has certain unique advantages: portability, it can be instantly transferred globally, while gold is bulky with high transportation costs. Its authenticity can be instantly verified through blockchain. You can easily and safely store BTC in a wallet, whereas gold requires insurance at very high costs. There's also the scarcity factor - BTC's supply is fixed, while for gold, technological advances mean supply remains uncertain.

This move makes GameStop the 14th largest BTC corporate holder.

The company funded the BTC purchase through convertible bonds rather than core capital, while maintaining over $4 billion in strong cash reserves. This strategy reflects diversification and caution, not an all-or-nothing approach: positioning BTC as a secondary bet, not a core business.

"GameStop follows GameStop's strategy. We don't follow anyone else's strategy."

After the announcement, GameStop's stock price dropped, but Cohen seemed unconcerned.

On June 25, GameStop raised an additional $450 million through exercising over-allotment rights, bringing its total convertible bond issuance to $2.7 billion.

The over-allotment option is a clause in the issuance agreement allowing underwriters to issue up to 15% more shares when demand is strong. Exercising this option gives the company a chance to raise more funds while helping stabilize post-issuance stock prices. For GameStop, this means issuing more convertible bonds to increase total fundraising.

These funds will be used for "general corporate purposes and investments in line with GameStop's investment policy", which explicitly includes purchasing BTC as a reserve asset.

Cohen has an "Ape Army". The most unusual part of Cohen's GameStop story is the millions of retail investors who refuse to sell.

They call themselves "Apes" and behave entirely differently from typical stockholders. They don't trade based on profit reports or analyst ratings. They hold stocks because they believe in Cohen's vision and want to see what the future holds.

This is "patient capital", almost unseen in public markets. Cohen can focus on long-term strategies without worrying about quarterly fluctuations because his core investor group won't easily abandon ship.

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