GameStop has stopped buying Bitcoin since April. Moreover, X users noticed that Ryan Cohen, founder of GameStop, unfollowed Bitcoin accounts such as Bitcoin Magazine.
This has caught the attention of users. They shared screenshots showing the change, and the discussion quickly spread on social media. Some investors think this could mean GameStop is slowing its Bitcoin push. Others believe the company is just taking a break.
A Reddit user shared the news and said, “Last time he [Ryan Cohen] unfollowed bitcoin was around when they made the purchase? What is up with the unfollows ?”
But Cohen didn’t just unfollow Bitcoin Magazine on X. He also unfollowed The Bitcoin Conference account, which is run by David Bailey, the founder of Bitcoin Magazine. The account is linked to President Donald Trump and Vice President JD Vance, who were keynote speakers at the last conference.
Bitcoiners are unhappy with Cohen. Some called him “is all talk no action,” compared to Saylor for example. Another person described GameStop as “A non-Bitcoin company with a non-Bitcoin CEO buying Bitcoin on behalf of non-Bitcoin shareholders.” Others named him “Rugpull Ryan.”
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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