GameStop CEO's Bitcoin Interest Sparks Speculation

GameStop CEO Ryan Cohen has sparked renewed speculation within the Bitcoin community by following Bitcoin Magazine on X, marking the first time he has followed an account other than the official GameStop handle in nearly four years. This move comes on the heels of a widely discussed photograph showing Cohen with Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), which surfaced two weeks ago.

GameStop has previously been the subject of Bitcoin-related conjecture, particularly since the pandemic-era "meme stock" phenomenon. A theory posted on Wall Street Bets proposed that the gaming retailer was primed for a turnaround, leading to widespread retail buying and a significant increase in the share price. The resulting clash between retail investors and major hedge funds that had shorted the stock was 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. Given Saylor's reputation as a high-profile advocate for corporate BTC treasury strategies, many in the Bitcoin sphere speculated that Cohen might be seeking Saylor's counsel. However, caution soon followed, as two unnamed sources cited by CNBC reported that 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."

Analyst Han Akamatsu noted on X that if GameStop were to invest its $4.6 billion cash reserves into BTC, it would acquire approximately 48,000 BTC. Such a position would make GameStop the second-largest corporate holder of Bitcoin,