GameStop Is Stockpiling Cash. Here Are 3 Big Moves the Company Could Make in 2026.

Through the issuance of equity and convertible debt over the years as its stock price rode the meme craze, GameStop (NYSE: GME) and CEO Ryan Cohen find themselves with a stockpile of cash.

The company had $9 billion in cash and marketable securities on its balance sheet at the end of January and an additional $368.4 million in Bitcoin. It also has long-term debt of nearly $4.2 billion, although these are convertible notes that pay no interest, so it is essentially more like a future equity offering.

When GameStop acquired 4,701 bitcoins in May 2025, it looked like the company might be taking a page out of Strategy's playbook and becoming an aggressive accumulator of the cryptocurrency and a key part of its strategy. However, it hasn't added to or sold its position, and this now looks like a one-off trade.

With so much cash on hand, investors are wondering what the company plans on doing with it. In January, Cohen stated that he wanted to make a large acquisition in the consumer space. Let's look at three potential acquisition candidates.

Image source: Getty Images.

Is Best Buy the best buy?

When Cohen said he was looking for a large, undervalued consumer business that could help transform GameStop, many investors immediately pegged electronics retailer Best Buy (NYSE: BBY) as a likely option. Both companies operate in the gaming space, but Best Buy obviously sells a much broader assortment of products.

Such a deal would likely force GameStop to take on some debt for a slow-growth retailer. This wouldn't be a great option for GameStop's cash in my view.

Leaning into collectibles

Cohen has helped turn around GameStop by leaning into the hot collectibles market. This was its growth engine in 2025, with sales up 47.7%, while its other businesses declined.

Acquiring Collector's Universe, which has been rolling up the trading card grading industry over the past few years, would make strategic sense. After all, GameStop's turnaround was in large part fueled by its becoming an authorized Professional Sports Authenticator (PSA) dealer. This deal would make the most sense in my view, although it doesn't fit the criteria Cohen laid out for a larger, publicly traded business.

Acquiring a totally non-related consumer business

Cohen said he plans to buy a "high-quality, durable, scalable" business in which the management team has been asleep at the wheel. If he's getting into a completely different area and wants a company larger than GameStop, that could be Lululemon (NASDAQ: LULU).

Lululemon has been struggling and currently has no CEO, and I could totally see Cohen teaming up with outspoken Lululemon founder Chip Wilson to buy the business.

Cohen said such a deal "is something that really has never been done before within the history of the capital markets," so with a $18 billion market cap, Lululemon seems to fit all the criteria he talked about, much more so than Best Buy or Collector's Universe. Meanwhile, turning around Lululemon likely would be easier and have more potential upside. Then maybe he can turn around and sell the GameStop business to Collector's Universe.

Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Best Buy and Lululemon Athletica Inc. The Motley Fool has a disclosure policy.