GameStop: Collectibles, Bitcoin, And A Bigger Strategic Bet

GameStop’s Q1 results showed real progress, with collectibles growth driving higher revenue, stronger margins, and a return to operating profitability. GameStop is increasingly using its balance sheet as a strategic tool through Bitcoin, eBay exposure, potential acquisitions, and buybacks. The proposed eBay acquisition could reshape the company, but it also brings meaningful execution, financing, and dilution risks. My SOTP valuation suggests shares are trading close to fair value, making a Hold rating the most reasonable call. GameStop ( GME ) has become far more interesting than your typical specialty retailer, with the current stock price already reflecting much