GameStop Corp.
Consumer Discretionary · Specialty Retail
8B (FY24). The Cohen-era reset turned the equity into a quasi-closed-end fund: ~$4B+ treasury, BTC allocation announced 2025, listed equity positions, and a still-loyal retail shareholder base that absorbs ATM raises at premiums to book.
- ~$4B+ cash + BTC + equities back ~70-90% of market cap depending on price - downside cushioned by treasury
- Cohen has full board + CEO control; track record at $CHWY of capital allocation
- ATM optionality: each meme spike funds another tranche of treasury at premium prices (anti-dilutive in book-value terms)
- Optional upside if Cohen pivots into M&A, SPAC-like acquisitions, or a $BRK-style holding structure
- Retail base is sticky - float trades like a call option on social-media flow
- Core retail still bleeds; if Cohen never deploys cash productively the equity is just a leveraged BTC + T-bill ETF at a premium
- No formal investment mandate, no 13F filings discipline - opacity discount likely persists
- Meme premium compresses each cycle as the float grows from repeated ATMs
- BTC concentration adds beta without strategic narrative
- No earnings power independent of treasury yield + crypto mark-to-market
No key levels recorded for this ticker.