Bitcoin News Today: GameStop halts Bitcoin purchases Cohen distends from crypto community

GameStop has halted its Bitcoin purchasing strategy and distanced itself from the cryptocurrency community, with CEO Ryan Cohen reportedly unfollowing all Bitcoin-related accounts on X. The move has sparked speculation about the company’s future stance on digital assets, especially after it initially invested $513 million in Bitcoin in May 2025 [1].

The company’s foray into Bitcoin was marked by a high-profile board decision in March 2025 to include the cryptocurrency as a treasury reserve asset. This followed months of speculation, which intensified when Cohen posted a photo with Michael Saylor, founder of MicroStrategy, in February 2025. The strategy was financed by a $1.5 billion convertible notes offering in April, with the proceeds allocated to Bitcoin purchases and general corporate use. The company’s first and only acquisition to date was 4,710 Bitcoin, valued at approximately $513 million [1].

Despite the initial enthusiasm, GameStop has not made any additional Bitcoin purchases since May, leaving nearly $1.5 billion raised for cryptocurrency investments largely untapped. The company also holds over $8.5 billion in cash reserves and has a market capitalization of $10 billion, raising questions about how it will deploy its capital going forward. Analyst The Bitcoin Therapist noted the abrupt shift in Cohen’s social media engagement with the cryptocurrency community, describing it as a sign of a cooling interest [1].

Cohen previously defended the Bitcoin strategy in a July interview with CNBC, highlighting BTC as a “hedge against inflation and global money printing.” He also argued that Bitcoin offers advantages over gold, including portability, instant global transferability, and secure digital storage. However, the lack of follow-up purchases suggests a more cautious approach, potentially influenced by Bitcoin’s price volatility and the uncertainty of long-term returns [1].

GameStop’s decision not to continue its Bitcoin accumulation has disappointed investors who were expecting a more aggressive approach similar to MicroStrategy’s. The company has not set a maximum limit on Bitcoin purchases and has retained the right to sell its holdings, maintaining flexibility in its capital deployment strategy. The shift reflects a broader trend of institutional investors reevaluating their exposure to volatile digital assets amid macroeconomic uncertainty [1].

Source: [1] GameStop ends BTC buying spree, Cohen cools on Bitcoin crowd (https://coinmarketcap.com/community/articles/6898bc1d9af91a539f4388d8/)