GameStop’s Bitcoin Pause: Ryan Cohen Signals Crypto Strategy Shift

GameStop, the video game retailer that emerged as a central figure in the meme stock phenomenon, appears to have halted its ambitious expansion into Bitcoin. This strategic pivot is highlighted by the company’s cessation of digital asset acquisitions since April 2025, further corroborated by CEO Ryan Cohen’s recent disengagement from prominent Bitcoin-related accounts on the social media platform X. This development has ignited considerable discussion and speculation among investors and the cryptocurrency community regarding the company’s long-term digital asset strategy.

• In March 2025, GameStop formally updated its investment policy to include Bitcoin as a treasury reserve asset.
• The company made its sole Bitcoin purchase of 4,710 BTC (approximately $549.4 million) in April 2025.
• This single acquisition represented only one-third of the amount GameStop reportedly planned to purchase.
• GameStop raised over $4 billion through convertible notes offerings in 2025, accumulating substantial liquidity.
• CEO Ryan Cohen recently unfollowed several influential Bitcoin-related accounts on the social media platform X.
• Despite significant cash reserves, GameStop has not made further Bitcoin acquisitions since April 2025.

GameStop’s Evolving Digital Asset Strategy

In March 2025, GameStop formally revised its investment policy to incorporate Bitcoin as a treasury reserve asset, a move widely interpreted as a strategic embrace of digital currencies. Subsequent to this policy update, the company completed a private offering of $1.5 billion in convertible senior notes, yielding net proceeds of approximately $1.48 billion. Two months later, in April, GameStop executed its inaugural and, to date, singular Bitcoin acquisition, purchasing 4,710 BTC at an approximate value of $549.4 million. This acquisition, however, constituted only one-third of the amount the company had reportedly intended to procure, with no further Bitcoin purchases publicly announced.

Further bolstering its capital position, GameStop successfully raised an additional $2.7 billion through another convertible notes offering in June 2025. Despite possessing substantial liquidity, with reported cash, cash equivalents, and short-term investments amounting to approximately $6.38 billion, the company has refrained from pursuing further Bitcoin acquisitions. This marked inaction has generated considerable disappointment among Bitcoin proponents who had anticipated a more aggressive and sustained integration of the digital asset into GameStop’s corporate balance sheet.

CEO Ryan Cohen’s Shifting Social Media Stance

The company’s discernible pause in Bitcoin accumulation has been further underscored by the recent social media engagements of its founder and CEO, Ryan Cohen. Observers on X noted and widely shared screenshots indicating that Cohen had unfollowed several influential Bitcoin accounts, notably Bitcoin Magazine and The Bitcoin Conference account. The latter holds particular significance due to its association with high-profile political figures, including President Donald Trump and Vice President JD Vance, both of whom served as keynote speakers at its most recent conference. This public unfollowing has been widely interpreted as a subtle yet deliberate signal concerning GameStop’s evolving, or indeed decelerating, commitment to the cryptocurrency sector.

This perceived shift in strategy has drawn a critical response from various segments of the cryptocurrency community. While some investors posit that GameStop might simply be observing a temporary hiatus from its Bitcoin initiatives, others have expressed palpable frustration, drawing unfavorable comparisons between Cohen’s actions and those of more steadfast corporate Bitcoin proponents, such as MicroStrategy’s Michael Saylor. This prevailing sentiment reflects a growing concern that GameStop may not fully execute its implied commitment to digital asset integration, notwithstanding its substantial financial capacity.

Market Dynamics and Investor Outlook

GameStop’s stock (GME) currently trades significantly below its all-time high achieved during the January 2021 meme-stock surge, having experienced an approximate decline of 74%. This substantial depreciation has further exacerbated frustrations among its long-term shareholders. The company’s initial strategic pivot towards Bitcoin had been viewed by some as a potential catalyst for revitalizing its business trajectory and diversifying its treasury strategy beyond conventional assets. However, the prevailing standstill in Bitcoin acquisitions, juxtaposed with the CEO’s recent social media actions, strongly indicates a fundamental reevaluation of this strategy, leaving investors to contemplate the company’s future direction across both traditional retail and emerging digital asset markets.