GameStop’s Bitcoin Pause: Ryan Cohen Quietly Ditches Crypto Twitter—What’s Next?
GameStop’s Bitcoin strategy hits a wall—zero purchases since April. Meanwhile, Ryan Cohen ghosts crypto’s loudest voices on X. Coincidence? Or a silent pivot?
Behind the curtain: The meme-stock darling’s crypto cold shoulder sparks speculation. Was it a short-term play, or did the volatility scare them off?
Wall Street’s take: 'When execs unfollow the hype train, it’s either genius or panic.' Spoiler: They’re rarely geniuses.
GameStop bought BTC once
In March 2025, GameStop updated its investment policy to include Bitcoin as a treasury reserve asset. The company then completed a private offering of $1.5 billion in convertible senior notes, and this included a $200 million “greenshoe” option that was fully exercised. After fees, the net proceeds came to about $1.48 billion.
Two months later, the company made its first and only purchase. It bought 4,710 BTC, worth about $549.4 million today, and it has not announced any other Bitcoin buys since then. This is only one-third of the amount it had planned to purchase, and it has been months since the last acquisition.
In June 2025, GameStop raised up to $2.7 billion through a convertible notes offering. This money could be used for more Bitcoin purchases. Despite having the funds, the company has not added to its holdings.
GameStop reported having about $6.38 billion in cash, cash equivalents, and short-term investments. Yet it still hasn’t bought the Bitcoin it promised back in April. Many Bitcoiners are disappointed by this delay. Some are even infuriated that GameStop is holding so much cash instead of following through on its plans.
GME is trading at $22.27 and its market cap is about $10 billion. The stock has dropped sharply, sitting about 74% below its all-time high from the meme-stock frenzy in January 2021. Many longtime holders are frustrated by the slide, and they’re watching to see if GameStop’s move into Bitcoin can help turn things around.
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