- Ryan Cohen’s social media shift sparked speculation about GameStop’s Bitcoin acquisition.
- Could GameStop’s $4.6 billion cash reserve lead to a major Bitcoin purchase?
GameStop CEO Ryan Cohen has sparked fresh waves of speculation in the Bitcoin [BTC] community with his latest moves on social media.
His recent actions, particularly a subtle shift in the people he follows on X (formerly Twitter), have led many to wonder if the iconic video game retailer is gearing up for a massive crypto play.
Cohen’s decision to follow Bitcoin Magazine for the first time in nearly four years has reignited chatter that GameStop could soon announce a $4.6 billion Bitcoin acquisition.
If true, such a move would catapult the company to the ranks of major corporate Bitcoin holders, rivaling industry giant MicroStrategy.
GameStop Bitcoin: Cohen’s recent actions
While not a headline-grabbing action in itself, Cohen’s move has raised eyebrows. For those familiar with Cohen’s track record of bold business moves, it hints that he might be eyeing a bigger role in the Bitcoin space. But wait – there’s more.
Two weeks ago, a photo emerged of Cohen with none other than Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy).
Saylor is a well-known advocate for Bitcoin, having led his company in acquiring nearly half a million BTC. With Cohen now spending time with Saylor, speculation is rife that GameStop might be planning to adopt a similar Bitcoin strategy.
The Bitcoin connection
GameStop’s potential Bitcoin move has been speculated since the 2021 meme-stock frenzy when retail investors sent its stock soaring. At that time, some theorized that GameStop could pivot to crypto to harness its newfound retail power.
Fast-forward to 2024, and GameStop’s financial position has significantly improved, with $4.6 billion in cash and marketable securities.
This cash reserve has fueled speculation that GameStop might use it to buy around 48,000 BTC. GameStop’s investment policy allows CEO Ryan Cohen to make such moves without board approval.
Therefore, a corporate Bitcoin acquisition seems well within the realm of possibility.
Gamestop Bitcoin: The impact of a $4.6 billion acquisition
If GameStop were to acquire approximately 48,000 BTC, it would become the second-largest corporate Bitcoin holder, just behind MicroStrategy.
This move would drastically alter GameStop’s market position and transform it from a traditional retailer into a serious player in the cryptocurrency world.
GameStop aligning with Bitcoin, a trend pioneered by MicroStrategy, could have far-reaching effects. For GameStop, it would signal a bold new direction, diversifying its revenue streams and potentially reshaping its relevance in an increasingly digital economy.
For Bitcoin, the announcement of such a large-scale corporate acquisition could lead to a price surge and attract both institutional and retail investors.
Uncertainty and previous blockchain ventures
While this speculation is exciting, it’s important to stay grounded. Despite the buzz, there has been no official confirmation from Cohen or GameStop about any Bitcoin acquisition.
Sources state that Michael Saylor is not involved in any plans to purchase Bitcoin for GameStop, suggesting the rumors might be just that—rumors.
Furthermore, GameStop’s history with blockchain initiatives, such as NFTs and blockchain gaming, hasn’t yielded lasting success. This raises the question: would a BTC investment align with GameStop’s broader strategy, or is it just another experiment that’ll fizzle out?
For now, the idea of GameStop entering the BTC arena remains speculative. However, it’s certainly a development worth watching.
