Gamestop CEO Fuels Bitcoin Speculation: $4.6 Billion Buy Incoming?

Jake Simmons

3 months ago

2 mins read

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In a development that has reignited speculation within the Bitcoin community, GameStop CEO Ryan Cohen has, for the first time in nearly four years, followed a second account on X. Until now, Cohen exclusively followed the official GameStop handle, but as of today, he has added Bitcoin Magazine to his follow list. This comes on the heels of a much-discussed photograph that surfaced two weeks ago showing Cohen with Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy).

👀

Go on king 👑 https://t.co/ApTV3WwTaj

— David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey) February 20, 2025

Will Gamestop Buy Bitcoin?

GameStop has periodically found itself at the center of Bitcoin-related conjecture, particularly 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. Widespread retail buying propelled the share price upward, challenging major hedge funds that had shorted the stock. The resulting clash was widely likened to a “David vs. Goliath” scenario.

The Bitcoin connection emerged as the pandemic-driven mania intersected with discourse on decentralized finance. Some observers drew parallels between the grassroots support for GameStop and the way Bitcoin was embraced as a hedge against systemic corruption in traditional finance. Since then, theories have circulated that GameStop could adopt a corporate Bitcoin strategy, potentially mirroring MicroStrategy’s aggressive move into BTC.

Two weeks ago, Cohen posted a photo on X in which he appeared alongside Michael Saylor, as reported by 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 soon followed. According to two unnamed sources cited by CNBC, Saylor has no direct involvement in any potential GameStop plan to buy Bitcoin. The rumors remain just that: speculation that has yet to be confirmed by either Cohen or GameStop.

Fueling these rumors is the fact that GameStop reported having around $4.616 billion in cash, cash equivalents, and marketable securities as of October 31, 2024. Tim Kotzman, host of “The Bitcoin Treasuries Podcast,” recently highlighted GameStop’s investment policy that grants Cohen “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,” wrote analyst Han Akamatsu on X, noting that such a position would make GameStop the second-largest corporate holder of Bitcoin, surpassing MARA Holdings but still behind Strategy.

However, such predictions are heavily speculative. GameStop has dabbled in NFTs and blockchain projects in the past, but there is no official indication that the company is imminently acquiring Bitcoin.

At press time, BTC traded at $97,708.

bitcoin price — BTC rises above the mid-line, 4-hour chart | Source: BTCUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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