Bitcoin News Today: GameStop Halts Bitcoin Purchases Amid CEO Unfollows Crypto Accounts

GameStop’s Bitcoin Commitment Questioned as CEO Ryan Cohen Unfollows Crypto Accounts Amid $500 Million Holdings August 10, 2025

The recent decision by GameStop CEO Ryan Cohen to unfollow all Bitcoin-related accounts on social media has sparked speculation about the company’s future strategy regarding cryptocurrency. Despite holding $500 million in Bitcoin, GameStop has not made any new purchases since May 2025, raising concerns about its commitment to the asset class [1]. The move has been interpreted by some as a signal of a cooling relationship with the crypto community, particularly given Cohen’s previous public engagement with Bitcoin advocates [1].

GameStop’s Bitcoin journey began in March 2025 when the board approved the addition of Bitcoin as a treasury reserve asset, a decision influenced by Cohen’s advocacy for digital assets. At the time, the company had just completed a major capital raise, signaling its intent to diversify its asset base [1]. However, since acquiring 4,710 Bitcoin in May—valued at approximately $513 million—the company has not made any additional purchases, leading to disappointment among Bitcoin supporters who had expected a more aggressive strategy [1].

The company currently holds over $500 million in Bitcoin while maintaining more than $8.5 billion in cash reserves, with a market capitalization of $10 billion [1]. This financial position raises questions about whether GameStop is prioritizing liquidity over further cryptocurrency investment. Analysts are divided, with some suggesting that market volatility may be influencing the company’s cautious approach, while others argue that the pause in Bitcoin purchases reflects a broader shift in strategic focus [1].

Cohen’s unfollowing of prominent Bitcoin accounts on social media has further intensified scrutiny. His previous public support for Bitcoin had been a key driver of investor sentiment, and his recent silence has led to speculation that the company may be reevaluating its long-term involvement in the cryptocurrency space [1]. This development is particularly noteworthy given the symbolic nature of social media in the crypto community, where public figures often play a significant role in shaping market dynamics [1].

As the cryptocurrency landscape continues to evolve, GameStop’s next moves will be closely watched by investors and analysts alike. The company’s current stance appears to reflect a period of strategic recalibration, with its future in the digital asset space remaining uncertain [1]. While the holding of $500 million in Bitcoin remains a significant part of its portfolio, the lack of recent accumulation activity suggests that the company may be entering a new phase in its approach to cryptocurrency [1].

Sources:

[1] GameStop’s Bitcoin Commitment Questioned as CEO Ryan Cohen Unfollows Crypto Accounts Amid $500 Million Holdings (https://en.coinotag.com/gamestops-bitcoin-commitment-questioned-as-ceo-ryan-cohen-unfollows-crypto-accounts-amid-500-million-holdings/)