In a development that has reignited speculation within the Bitcoin community, GameStop CEO Ryan Cohen has, for the first time in nearly four years, followed a second account on X. Until now, Cohen exclusively followed the official GameStop handle, but as of today, he has added Bitcoin Magazine to his follow list. This comes on the heels of a much-discussed photograph that surfaced two weeks ago showing Cohen with Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy).

Go on king https://t.co/ApTV3WwTaj

— David Bailey $0.85mm/btc is the floor (@DavidFBailey) February 20, 2025

Will Gamestop Buy Bitcoin?

GameStop has periodically found itself at the center of Bitcoin-related conjecture, particularly since the pandemic era “meme stock” phenomenon. At that time, a theory posted on Wall Street Bets—a popular Reddit forum—proposed that the gaming retailer, viewed by many as a relic of brick-and-mortar retail, was primed for a turnaround. Widespread retail buying propelled the share price upward, challenging major hedge funds that had shorted the stock. The resulting clash was widely likened to a “David vs. Goliath” scenario.

The Bitcoin connection emerged as the pandemic-driven mania intersected with discourse on decentralized finance. Some observers drew parallels between the grassroots support for GameStop and the way Bitcoin was embraced as a hedge against systemic corruption in traditional finance. Since then, theories have circulated that GameStop could adopt a corporate Bitcoin strategy, potentially mirroring MicroStrategy’s aggressive move into BTC.

Two weeks ago, Cohen posted a photo on X in which he appeared alongside Michael Saylor, as reported by Bitcoinist. Given Saylor’s reputation as a high-profile advocate for corporate BTC treasury strategies—he spearheads the acquisition of nearly 500,000 BTC at Strategy—many in the Bitcoin sphere speculated that Cohen might be seeking Saylor’s counsel.

However, caution soon followed. According to two unnamed sources cited by CNBC, Saylor has no direct involvement in any potential GameStop plan to buy Bitcoin. The rumors remain just that: speculation that has yet to be confirmed by either Cohen or GameStop.

Fueling these rumors is the fact that GameStop reported having around $4.616 billion in cash, cash equivalents, and marketable securities as of October 31, 2024. Tim Kotzman, host of “The Bitcoin Treasuries Podcast,” recently highlighted GameStop’s investment policy that grants Cohen “the authority to invest […] in cryptocurrencies without requiring shareholder or board approval.”

“If GameStop $GME were to invest its $4.6 billion cash reserves into BTC, it would acquire approximately 48,000 BTC,” wrote analyst Han Akamatsu on X, noting that such a position would make GameStop the second-largest corporate holder of Bitcoin, surpassing MARA Holdings but still behind Strategy.

However, such predictions are heavily speculative. GameStop has dabbled in NFTs and blockchain projects in the past, but there is no official indication that the company is imminently acquiring Bitcoin.

At press time, BTC traded at $97,708.