Gamestop CEO Fuels Bitcoin Rumor: $4.6 Billion Buy Incoming?
In a re-guessing development in the Bitcoin community, GameStop CEO Ryan Cohen follows a second account on X for the first time in nearly four years. He added Bitcoin magazine to the list that follows. This is after the high heels of the photo surfaced two weeks ago, showing Cohen along with Strategy Executive Chairman Michael Saylor (formerly MicroStrategy).
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– David Bailey $0.85mm/btc is floor (@davidfbailey) February 20, 2025
Will GameStop buy Bitcoin?
GameStop regularly finds itself at the center of speculation related to Bitcoin, especially since the pandemic-era “meme stock” phenomenon. What was proved by a theory published on Wall Street bets at the time (a popular Reddit forum) was that the game retailer was regarded by many as a relic of brick-and-mortar retail and prepared for turnaround. Extensive retail purchases have driven upwards in stock prices, challenging major hedge funds that have shortened their stocks. The resulting conflict is widely compared to the “David vs. Giants” scene.
Bitcoin Connection as a pandemic-driven mania intersects discussions about decentralized financing. Some observers have achieved similarities between grass-roots support for GameStop and Bitcoin is seen as hedging systemic corruption in traditional finance. Since then, theories have radiated GameStop can adopt the company’s Bitcoin strategy, which may reflect Microstrategy’s positive moves Enter BTC.
Two weeks ago, Cohen posted a photo on X, where he appeared with Michael Saylor, Report By Bitcoin experts. Given Saylor’s reputation as a high-profile advocate for the company’s BTC treasury strategy – he leads Acquisition of nearly 500,000 BTC in strategy– In the Bitcoin field, it is speculated that Cohen may be seeking Sail’s lawyer.
But be cautious. According to two unnamed sources cited by CNBC, Saylor is not directly involved in any potential game plans to buy Bitcoin. The rumor remains: speculation has not been confirmed by Cohen or GameStop.
The fact that fuels these rumors is that GameStop reports that as of October 31, 2024, GameStop reported about $46.16 billion in cash, cash-equivalent and sellable securities. Tim Kotzman does not require the power of shareholders or board-approved cryptocurrency investments (…).”
“If GameStop $GME invests its $4.6 billion cash reserve in BTC, it will receive approximately 48,000 BTC,” analyst Han Akamatsu wrote on X. Mara Holdings But it’s still behind the strategy.
However, this prediction is highly speculative. Gamestop has been involved in NFT and blockchain projects in the past, but there are no official signs that the company is about to acquire Bitcoin.
At press time, BTC was trading at $97,708.
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