Burry’s Back—and He’s Betting on GameStop for the Long Haul

Michael Burry, the legendary investor and inspiration for the Hollywood movie The Big Short, is back with another big bet and this one’s a little surprising: he’s going long on GameStop (GME) shares, of all things.

“I own GME. I have been buying recently,” Burry revealed in a Substack post published on Monday. “I expect I am buying at what may soon be 1x tangible book value / 1x net asset value.” 

Burry explained his investment in the video game retailer is largely based on his confidence in the company’s CEO, Ryan Cohen. He said he’s excited about seeing “young [GameStop CEO] Ryan Cohen investing and deploying the company’s capital and cash flows.”

I believe in Ryan, I like the setup, the governance, the strategy as I see it.

Michael Burry

Shares in GameStop surged 6% on Monday following Burry’s endorsement, but have since given back most of these gains. At the time of writing, shares were changing hands at just over US$24 (AU$35).

Burry wrote that he intends to hold his GameStop shares for the long term, perhaps decades, clarifying that it isn’t some kind of speculative or meme stock type trade.

I am not counting on a short squeeze to realize long-term value…I am willing to hold long-term, and I am excited to see where this goes.

Michael Burry

GameStop is most well known to investors as a meme stock, after throngs of retail investors coordinated on internet forums to buy the stock during the COVID lockdown era, forcing the share price higher and higher and squeezing larger institutional investors who had shorted the stock. 

During this memestock frenzy, the company took advantage of its elevated share price by creating equity offerings that helped it establish significant cash stockpiles. The company is now in a position to make strategic acquisitions when the time is right, according to Burry. 

“Ryan is making lemonade out of lemons,” Burry claimed. 

He has a crappy business, and he is milking it [the] best he can while taking advantage of the meme stock phenomenon to raise cash and wait for an opportunity to make a big buy of a real growing cash cow business.

Michael Burry

In a filing submitted last week, it was revealed that the GameSpot CEO had also purchased one million shares in the company using his own personal funds. In a separate filing, Cohen was quoted as saying that he believes it’s “essential” for CEOs of publicly listed companies to personally own shares in order to increase their alignment with shareholder interests.

Related: GameStop Shopper Pulls $115K Bitcoin From Trading Card Pack

GameStop Invested Substantially in Bitcoin in 2025, But May Now Be Looking to Sell

GameStop added significant amounts of Bitcoin to its balance sheet in 2025, as was the fashion of the day, but now the company may be looking to unload.

According to crypto analytics firm CryptoQuant, in May of 2025 GameSpot acquired 4710 BTC at an average price per Bitcoin of US$107,900 (AU$156k) for a total outlay of approximately US$504 million (AU$729m).

At the time, CEO Cohen said that the investment was driven by macroeconomic concerns and suggested that Bitcoin, with its fixed supply, could act as a hedge against certain risks. Well, unfortunately for Cohen and most other crypto investors, that thesis hasn’t really played out and it looks like GameStop is looking to offload its Bitcoin stockpile.

On January 23, the company sent its entire 4710 BTC to Coinbase Prime, according to CryptoQuant. Generally when companies do this sort of thing it indicates an intention to sell.

Related: Saylor Warns ‘Ambitious Opportunists’ Are Bitcoin’s Biggest Risk, Sparking Ossification Debate

If GameSpot were to sell all its Bitcoin at the current price of around US$88,280 (AU$127k), it would realise a loss of around US$88 million (AU$127m) on its investment.

Commenting on GameSpot’s Bitcoin investment, Burry said “I do not know about this Bitcoin thing, but I cannot argue with what has been done so far.”