GameStop’s Bitcoin Strategy Goes Silent: No Purchases Since April as Ryan Cohen Cuts Crypto Ties on X
GameStop's crypto ambitions hit a wall—zero Bitcoin buys since Q2 2024, and Chairman Ryan Cohen just ghosted major BTC accounts on X. Was the meme-stock darling's crypto fling just another pump-and-dump sideshow?
Silence speaks louder than tweets. The gaming retailer hasn't touched Bitcoin since April, leaving crypto bulls wondering if the 'corporate HODL' narrative was just hype. Meanwhile, Cohen's sudden social media purge fuels speculation—was this a strategic retreat or a quiet admission that Wall Street still calls the shots?
Finance traditionalists are already smirking. 'Another proof-of-concept for corporate crypto tourism,' quips one hedge fund analyst. 'Turns out apeing into digital assets doesn’t magically fix dying brick-and-mortar economics.'
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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