GameStop Halts Bitcoin Buying Frenzy as Ryan Cohen Distances from Crypto Hype

GameStop slams the brakes on its Bitcoin shopping spree—just as chairman Ryan Cohen cools his once-warm embrace of the crypto faithful.

Wall Street's meme-stock darling quietly shelved its digital asset accumulation strategy, leaving Bitcoin maximalists scratching their heads. The move follows Cohen's increasingly arms-length posture toward the laser-eyed brigade who once saw him as their champion.

Behind the curtain: A classic case of corporate crypto cold feet. While GameStop never officially disclosed its BTC treasury position, insiders suggest the company got spooked by volatility after dipping its toes in the market.

The about-face comes as traditional finance vultures circle wounded crypto projects—proving once again that when the going gets tough, the 'HODL' crowd gets ghosted by their institutional fairweather friends.

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.

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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.