GameStop’s CEO Ryan Cohen followed a new account for the very first time since nearly four years. This has reignited speculation in the Bitcoin community. Cohen had only followed GameStop’s official handle until today. He has now added Bitcoin Magazine as a follower. The news follows a highly-discussed photo that was released two weeks earlier, showing Cohen and Michael Saylor (Executive Chairman of Strategy, formerly MicroStrategy).
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— David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey) February 20, 2025
Can Gamestop purchase Bitcoins?
GameStop is often at the centre of Bitcoin speculation, especially since the Pandemic Era. “meme stock” phenomenon. At that time, a theory posted on Wall Street Bets—a popular Reddit forum—proposed that the gaming retailer, viewed by many as a relic of brick-and-mortar retail, was primed for a turnaround. Retail buying pushed the price of the shares upwards, challenging hedge funds which had shorted it. It was said that the resulting conflict was similar to one between a “David vs. Goliath” scenario.
Bitcoin was a natural connection as pandemic mania and decentralized finance discourse intersected. Some observers made comparisons between GameStop’s grassroots support and Bitcoin as a means to fight systemic corruption. Since then, there have been theories that GameStop may adopt a corporate Bitcoin-based strategy. MicroStrategy’s aggressive move into BTC.
Cohen uploaded a photo to X a couple of weeks back in which he appeared with Michael Saylor. reported Bitcoinist. Given Saylor’s reputation as a high-profile advocate for corporate BTC treasury strategies—he spearheads the acquisition of nearly 500,000 BTC at Strategy—many in the Bitcoin sphere speculated that Cohen might be seeking Saylor’s counsel.
However, caution was soon to follow. CNBC reported that two unnamed source said Saylor had no involvement with any possible GameStop plan for Bitcoin purchase. Cohen and GameStop have yet to confirm the rumors.
GameStop has reported that it had around $4.616 Billion in cash, equivalents and marketable assets as of October 31, 2020. Tim Kotzman hosts “The Bitcoin Treasuries Podcast,” GameStop has recently highlighted their investment policy, which allows Cohen to earn a profit. “the authority to invest […] in cryptocurrencies without requiring shareholder or board approval.”
“If GameStop $GME were to invest its $4.6 billion cash reserves into BTC, it would acquire approximately 48,000 BTC,” Han Akamatsu, an analyst at X, noted that such a move would have made GameStop, the second largest corporate holder in Bitcoins, surpassing even Microsoft. MARA Holdings Strategy is still behind.
These predictions are speculative. GameStop is known to have dabbled before in NFTs or blockchain projects, but it has not made any official announcements about the acquisition of Bitcoin.
BTC was trading at $97.708.
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Source: www.newsbtc.com
