In a move that has reignited ongoing speculation within the Bitcoin community, GameStop CEO Ryan Cohen met with Strategy (formerly MicroStrategy) Executive Chairman Michael Saylor on Saturday. Cohen subsequently shared a photo on X depicting him alongside Saylor—without providing any additional context.
The post once again sparked rumors that GameStop could be contemplating a Bitcoin treasury strategy similar to what Strategy has pioneered under Saylor’s leadership. Notably, this is not a new rumor, but there has been no concrete evidence to date that GameStop has taken any official steps toward a BTC-centric corporate strategy.
Will GameStop Adopt Bitcoin?
Still, the sight of the two executives together has energized the rumor mill. One notable voice, Heisenberg (@Mr_Derivatives), commented on X Cohen’s photograph “could be the subtle hint” of a forthcoming BTC adoption, allowing the retailer to transform into “a BTC holding company much like MSTR.” He also hinted that under such a scenario, the stock might “easily 5-10x by the end of this decade,” or potentially sooner.
One key element driving the chatter is the strength of GameStop’s balance sheet. Tim Kotzman, host of The Bitcoin Treasuries Podcast, underscored on X that as of October 31, 2024, the gaming retailer reported approximately $4.616 billion in cash, cash equivalents, and marketable securities.
He highlighted a recent change in the company’s investment policy that grants Cohen “the authority to invest […] in cryptocurrencies without requiring shareholder or board approval.” According to Kotzman, this policy shift opens the door for a “Bitcoin Treasury Company” scenario, yet he was quick to note that “as of December 2024, there have been no public disclosures indicating that such investments have been made.”
“If GameStop $GME, were to invest its $4.6 billion cash reserves into BTC, it would acquire approximately 48,000 BTC. This would make GameStop the second largest corporate holder of Bitcoin, ranking behind MicroStrategy and surpassing MARA Holdings,” Han Akamatsu noted via X.
BritishHODL (@BritishHodl), a Bitcoin enthusiast, posted that GameStop “GameStop could be the straw that breaks the camels back on Wall Street of companies adopting the Bitcoin Reserve Strategy of MSTR to create shareholder value.”
Meanwhile, crypto commentator @ProtestFiat took a more aggressive stance, suggesting that “GameStop […] adopting Bitcoin” might create a scenario where short sellers find themselves scrambling, given the potential for a sudden spike in share price. In a post, she outlined a sequence of steps: from the initial treasury announcement to subsequent share offerings used to buy more Bitcoin—each phase potentially fueling additional rallies and short squeezes.
Though highly hypothetical, this argument resonates with the memories of the 2021 “meme stock” phenomenon, during which GameStop’s share price experienced a dramatic run-up and inflicted heavy losses on some short sellers.
While the commentary from traders and podcast hosts underscores the intrigue around a possible Bitcoin pivot, it is essential to note the gap between rumor and reality. Historically, Cohen has been tight-lipped regarding any crypto-related moves for the company, even as GameStop dabbled with NFTs and blockchain projects in the past. For the moment, no verifiable evidence suggests an imminent purchase of BTC or other cryptocurrencies.
At press time, BTC traded at $97,083.
Featured image created with DALL.E, chart from TradingView.com
