GameStop ends BTC buying spree, Cohen cools on Bitcoin crowd
GameStop CEO Ryan Cohen has unfollowed all Bitcoin-related accounts on X, raising questions about the company’s commitment to cryptocurrency after accumulating $500 million in Bitcoin.
This social media shift comes as GameStop sits on over $8.5 billion in cash reserves with a $10 billion market cap but has halted Bitcoin ( BTC ) purchases since May.
“What the hell is going on over at GameStop?” posted analyst The Bitcoin Therapist, noting Cohen’s withdrawal from Bitcoin social media engagement following the company’s initial entry into cryptocurrency investments.
Bitcoin strategy launched with fanfare in March
GameStop’s Bitcoin journey began in March 2025 when the board unanimously approved adding Bitcoin as a treasury reserve asset.
The decision followed months of speculation that intensified after Cohen posted a photo with Strategy founder Michael Saylor in February.
The company completed a $1.5 billion convertible notes offering in April, featuring 0% interest and maturity in 2030, to fund Bitcoin purchases and general corporate purposes.
On May 28, GameStop acquired 4,710 Bitcoin worth approximately $513 million in its first and only cryptocurrency purchase.
Cohen defended the Bitcoin strategy during a July CNBC interview , calling BTC a “hedge against inflation and global money printing.”
The CEO also contrasted Bitcoin’s advantages over gold, citing portability, instant global transferability, blockchain verification, and secure digital storage.
Accumulation strategy stalls after initial purchase
GameStop hasn’t bought any more Bitcoin since the May acquisition. Bitcoin supporters who anticipated aggressive accumulation similar to Strategy’s have been disappointed.
The company raised substantial capital for cryptocurrency investments but has left most of the funds unused.
Cohen’s August decision to unfollow Bitcoin accounts on X suggests a cooling relationship with the cryptocurrency community.
The lack of follow-up purchases raises questions about GameStop’s long-term Bitcoin commitment. To maintain flexibility, the company set no maximum purchase limits and reserved the right to sell any Bitcoin it acquired.
Bitcoin’s price volatility may have influenced this cautious approach.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
How much CPO demand will Nvidia Rubin Ultra generate? Bernstein: Optical value per Pod will increase fivefold
Bernstein believes that the co-packaged optics (CPO) and fiber demand driven by Nvidia's Rubin Ultra architecture will surge significantly, with the optical content per Pod rising from $1 million to $5.4 million. This will propel the size of Nvidia's optical ecosystem market to $46.8 billion by 2028 (a 91% annual increase). Although the industry faces supply bottlenecks with InP substrates, the outlook remains positive. The institution reiterates its “outperform” rating for Lumentum, Coherent, and Ciena.
UBS Q3 implements a two-way strategy with gold options, heavily invests in technology stocks, and builds positions in SK Hynix (SKHY.US)
UBS Group (UBS.US) has submitted its Q3 holdings report (13F) as of September 30, 2026.
SpaceX (SPCX.US) reportedly attempts “de-Nvidiaization” at the rack level: developing Kessel cabinets to bypass L6 compute boards, purchasing only chips
SemiAnalysis: SpaceX has developed its own Kessel cabinet, bypassing Nvidia's L6 cards to provide more options for manufacturing its own hardware.
$3.7 billion “data center power equipment prepayments” abandoned! What did "the most active buyer of gas turbines", SoftBank, see?
In the second quarter of fiscal year 2026, SoftBank reported a net loss of $7.1 billion, primarily due to a $3.7 billion impairment charge from a $9.5 billion advance payment for power generation equipment for US data centers—of which about $2.9 billion was non-refundable and effectively lost. The CFO admitted that SoftBank placed orders before the project plan was finalized, and is now conducting a comprehensive review of its procurement strategy. "The most aggressive purchaser of gas turbines has now written off the deposit in this way."
Crypto prices
More
