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In a development that has recovered speculation within the Bitcoin community, Gamestop -Ceo Ryan Cohen has followed a second account for the first time in almost four years on X. Until now, Cohen exclusively followed the official Gamestop handle, but from today, he he he Bitcoin Magazine has added to his tracking list. This is on the heels of a much -discussed photo that appeared two weeks ago with Cohen with Michael Saylor, executive chairman of Strategy (formerly MicroStrategy).
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Go on King 👑 https://t.co/APTV3WWTAJ
– David Bailey🇵🇷 $ 0.85 mm/BTC is the floor (@davidfbailey) February 20, 2025
Will Gamestop Bitcoin buy?
Gamestop is periodically in the center of Bitcoin-related suspicion, especially since the Pandemic era “Meme Stock” phenomenon. At that time, a theory on Wall Street Bets-a popular Reddit-Forum-Before that the gaming retailer, by many as a relic of physical retail trade, was seen for a turnaround. Widespread retail purchase pushed the share price up and challenged large hedge funds that had the shares short. The resulting collision was generally compared to a scenario “David vs. Goliath”.
The Bitcoin connection emerged when the manie driven by Pandemie intersected with discourse on decentralized finances. Some observers drew parallels between supporting the base for gamestop and the way in which Bitcoin was embraced as a hedge against systemic corruption in traditional finances. Since then his theories spread that Gamestop could follow a business Bitcoin strategy, which may reflect the aggressive relocation from micro strategy to BTC.
Two weeks ago, Cohen posted a photo on X in which he appeared next to Michael Saylor, such as reported By Bitcoinist. Given the reputation of Saylor as a controversial advocate for BTC Treasury strategies for Companies-Hij, the acquisition of nearly 500,000 BTC in the Bitcoin atmosphere in the Bitcoin atmosphere speculated that Cohen possibly searched Saylor’s counsel.
However, caution followed quickly. According to two unnamed sources quoted by CNBC, Saylor has no direct involvement in a potential gamestop plan to buy Bitcoin. The rumors remain exactly that: speculation that still has to be confirmed by Cohen or Gamestop.
Feeding these rumors is the fact that Gamestop reported that he had around $ 4.616 billion in cash, kasequivalents and tradable effects on October 31, 2024. Tim Kotzman, host of “The Bitcoin treasuries podcast”, recently emphasized the investment policy of GameStop that it Investment policy of Gamestop has emphasized that Cohen grants ” The authority to invest […] In cryptocurrencies without the approval of the shareholder or administrative goods. “
“If Gamestop $ gme were to invest his $ 4.6 billion cash reserves in BTC, it would acquire around 48,000 BTC,” wrote analyst Han Akamatsu on X, and noted that such a position of GameStop the second largest Bitcoin’s company holder would be, the Mara Holdings but still behind the strategy.
However, such predictions are heavily speculative. Gamestop has brought in the past in NFTS and Blockchain projects, but there are no official indication that the company is in particular getting Bitcoin.
At the time of the press, BTC traded at $ 97,708.
Featured image made with dall.e, graph of tradingview.com