Gamestop CEO Ryan Cohen has unfollowed all bitcoin-relief accounts on X, questioning the company’s commitment to cryptocurrency after depositing $ 500 million in bitcoin.
It comes as a social media shift as the gamestop sits with a $ 10 billion market cap in more than $ 8.5 billion cash reserves, but has stopped purchasing bitcoin (BTC) since May.
“What is hell going on the gamestop?” The analyst posted the bitcoin therapist, after the company’s initial Anto Cryptocurrency investments with a detcoin social media engagement.
Bitcoin strategy started in March with pomp
Gamestop’s Bitcoin Yatra began in March 2025 when the board unanimously approved Bitcoin as a Treasury Reserve Asset.
The decision said after months of speculation that Intended posted a photo with Michael Sayler, the founder of the strategy in February after Cohen.
The company offered $ 1.5 billion convertible notes in April, which featured 0% interest and maturity in 2030, to purchase bitcoin and find general corporate purposes.
On May 28, the gamestop acquired 4,710 bitcoins worth about $ 513 million in its first and only cryptocurrency purchase.
Cohen postponed Bitcoin strategy Dungar on July 1 CNBC interview, calling BTC “hedge against inflation and global money printing”.
The CEO also included advantages of bitcoin gold, citing portability, instant global transfer, blockchain verification and safe digital storage.
Stage stall after initial procurement
Gamestop has not bought any other bitcoin since the May acquisition. Bitcoin supporters had estimated aggressive accumulation to strategy for strategy.
The company raised enough capital for cryptocurrency investment, but has left most of the funds unused.
Cohen’s August decision to unfoliate bitcoin accounts on X suggests a cooling relationship with the Cryptocurrency community.
Lack of follow -up plans raises questions about the long -term bitcoin commitment of the gamestop. Mainly for flexibility, the company did not set any maximum purse limit and reserved the right to sell any bitcoin obtained.
The volatility in the price of bitcoin has affected this cautious approach.
