GameStop CEO's Bitcoin Moves Spark Market Buzz

GameStop, the video game retailer, has sparked market speculation with its CEO Ryan Cohen's recent actions, potentially signaling a move into Bitcoin investment. The company holds $4.616 billion in cash and marketable securities, which could theoretically make it one of the largest corporate Bitcoin holders if it decides to convert its reserves.

On February 20, 2025, Cohen added Bitcoin Magazine to his follows on X, marking his first new follow in nearly four years besides GameStop’s official account. This action triggered discussions about possible cryptocurrency investments. Two weeks later, a photograph emerged showing Cohen meeting with Michael Saylor, Executive Chairman of Strategy. However, CNBC reported through two unnamed sources that Saylor has no direct involvement in any potential GameStop Bitcoin plans.

GameStop's investment policy gives Cohen broad authority in cryptocurrency investments. According to Tim Kotzman, host of “The Bitcoin Treasuries Podcast,” the policy allows Cohen to invest in cryptocurrencies without requiring approval from shareholders or the board. As of October 31, 2024, GameStop reported approximately $4.616 billion in cash, cash equivalents, and marketable securities. Analyst Han Akamatsu calculated that if GameStop converted its entire cash reserve to Bitcoin, it could acquire around 48,000 BTC at current prices.

Such an investment would position GameStop as the second-largest corporate holder of Bitcoin, ahead of MARA Holdings but behind Strategy. Bitcoin traded at $97,708 at the time of these developments. The market has already reacted to these possibilities, with GameStop’s stock price increasing by 8% in after-hours trading as investors responded to the cryptocurrency investment speculation.

GameStop’s history with cryptocurrency and blockchain technology includes previous ventures. The company launched crypto wallets in 2022, though these were later discontinued due to regulatory concerns. The company’s potential interest in Bitcoin follows its earlier role in the “meme stock” phenomenon during the pandemic, where retail investors rallied behind GameStop’s stock, challenging major hedge funds that had taken short positions.

The timing of Cohen’s recent actions has drawn particular attention. His meeting with Saylor and subsequent Bitcoin Magazine follow occurred during a period of rising Bitcoin prices and increased institutional interest in cryptocurrency. Cohen has maintained public silence regarding any specific plans