In a improvement that has reignited hypothesis inside the Bitcoin group, GameStop CEO Ryan Cohen has, for the primary time in practically 4 years, adopted a second account on X. Until now, Cohen completely adopted the official GameStop deal with, however as of at this time, he has added Bitcoin Magazine to his observe record. This comes on the heels of a much-discussed {photograph} that surfaced two weeks in the past displaying Cohen with Michael Saylor, Executive Chairman of Strategy (previously MicroStrategy).
👀
Go on king 👑 https://t.co/ApTV3WwTaj
— David Bailey🇵🇷 $0.85mm/btc is the ground (@DavidFBailey) February 20, 2025
Will Gamestop Buy Bitcoin?
GameStop has periodically discovered itself on the heart of Bitcoin-related conjecture, significantly for the reason that pandemic period “meme stock” phenomenon. At that point, a principle posted on Wall Street Bets—a preferred Reddit discussion board—proposed that the gaming retailer, seen by many as a relic of brick-and-mortar retail, was primed for a turnaround. Widespread retail shopping for propelled the share worth upward, difficult main hedge funds that had shorted the inventory. The ensuing conflict was extensively likened to a “David vs. Goliath” situation.
The Bitcoin connection emerged because the pandemic-driven mania intersected with discourse on decentralized finance. Some observers drew parallels between the grassroots help for GameStop and the best way Bitcoin was embraced as a hedge in opposition to systemic corruption in conventional finance. Since then, theories have circulated that GameStop may undertake a company Bitcoin technique, doubtlessly mirroring MicroStrategy’s aggressive move into BTC.
Two weeks in the past, Cohen posted a photograph on X wherein he appeared alongside Michael Saylor, as reported by Bitcoinist. Given Saylor’s popularity as a high-profile advocate for company BTC treasury methods—he spearheads the acquisition of nearly 500,000 BTC at Strategy—many within the Bitcoin sphere speculated that Cohen is likely to be searching for Saylor’s counsel.
However, warning quickly adopted. According to 2 unnamed sources cited by CNBC, Saylor has no direct involvement in any potential GameStop plan to purchase Bitcoin. The rumors stay simply that: hypothesis that has but to be confirmed by both Cohen or GameStop.
Fueling these rumors is the truth that GameStop reported having round $4.616 billion in money, money equivalents, and marketable securities as of October 31, 2024. Tim Kotzman, host of “The Bitcoin Treasuries Podcast,” lately highlighted GameStop’s funding coverage 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 place would make GameStop the second-largest company holder of Bitcoin, surpassing MARA Holdings however nonetheless behind Strategy.
However, such predictions are closely speculative. GameStop has dabbled in NFTs and blockchain initiatives prior to now, however there isn’t any official indication that the corporate is imminently buying Bitcoin.
At press time, BTC traded at $97,708.
Featured picture created with DALL.E, chart from TradingView.com
