GameStop CEO Ryan Cohen has unfollowed all Bitcoin-related accounts on X, raising questions about the company’s commitment to cryptocurrency after accumulating $500 million in Bitcoin.
This social media shift comes as GameStop sits on over $8.5 billion in cash reserves with a $10 billion market cap but has halted Bitcoin (BTC) purchases since May.
“What the hell is going on over at GameStop?” posted analyst The Bitcoin Therapist, noting Cohen’s withdrawal from Bitcoin social media engagement following the company’s initial entry into cryptocurrency investments.
Bitcoin strategy launched with fanfare in March
GameStop’s Bitcoin journey began in March 2025 when the board unanimously approved adding Bitcoin as a treasury reserve asset.
The decision followed months of speculation that intensified after Cohen posted a photo with Strategy founder Michael Saylor in February.
The company completed a $1.5 billion convertible notes offering in April, featuring 0% interest and maturity in 2030, to fund Bitcoin purchases and general corporate purposes.
On May 28, GameStop acquired 4,710 Bitcoin worth approximately $513 million in its first and only cryptocurrency purchase.
Cohen defended the Bitcoin strategy during a July CNBC interview, calling BTC a “hedge against inflation and global money printing.”
The CEO also contrasted Bitcoin’s advantages over gold, citing portability, instant global transferability, blockchain verification, and secure digital storage.
Accumulation strategy stalls after initial purchase
GameStop hasn’t bought any more Bitcoin since the May acquisition. Bitcoin supporters who anticipated aggressive accumulation similar to Strategy’s have been disappointed.
The company raised substantial capital for cryptocurrency investments but has left most of the funds unused.
Cohen’s August decision to unfollow Bitcoin accounts on X suggests a cooling relationship with the cryptocurrency community.
The lack of follow-up purchases raises questions about GameStop’s long-term Bitcoin commitment. To maintain flexibility, the company set no maximum purchase limits and reserved the right to sell any Bitcoin it acquired.
Bitcoin’s price volatility may have influenced this cautious approach.
