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Author: Admin | 2025-04-28
TLDRGameStop CEO Ryan Cohen followed Bitcoin Magazine on X, his first new follow in 4 years besides GameStop’s official account, sparking speculation about potential Bitcoin investmentA recent photo emerged showing Cohen with Michael Saylor, though CNBC sources say Saylor isn’t directly involved in any GameStop Bitcoin plansGameStop has $4.616 billion in cash and investments as of October 2024, with Cohen having authority to invest in cryptocurrencies without shareholder approvalIf invested in Bitcoin, GameStop’s cash reserves could acquire around 48,000 BTC, making it the second-largest corporate holder behind StrategyGameStop’s stock rose 8% in after-hours trading following speculation about potential cryptocurrency investmentsGameStop’s potential entry into Bitcoin investment has captured market attention following a series of events involving CEO Ryan Cohen. The video game retailer, holding $4.616 billion in cash and marketable securities, could theoretically become one of the largest corporate Bitcoin holders if it decides to convert its reserves.On February 20, 2025, Cohen added Bitcoin Magazine to his follows on X, making it only the second account he follows besides GameStop’s official handle. This simple action marked his first new follow in nearly four years, triggering discussions about possible cryptocurrency investments.👀Go on king 👑 https://t.co/ApTV3WwTaj— David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey) February 20, 2025The speculation intensified after a photograph emerged two weeks ago showing Cohen meeting with Michael Saylor, Executive Chairman of Strategy. Saylor leads his company’s Bitcoin acquisition strategy, which has accumulated nearly 500,000 BTC. However, CNBC reported through two unnamed sources that Saylor has no direct involvement in any potential GameStop Bitcoin plans.GameStop’s investment policy gives Cohen broad authority in cryptocurrency investments. According to Tim Kotzman, host of “The Bitcoin Treasuries Podcast,” the policy allows Cohen to invest in cryptocurrencies without requiring approval from shareholders or the board.As of October 31, 2024, GameStop reported approximately $4.616 billion in cash, cash equivalents, and marketable securities. Analyst Han Akamatsu calculated that if GameStop converted its entire cash reserve to Bitcoin, it could acquire around 48,000 BTC at current prices.Such an investment would position GameStop as the second-largest corporate holder of Bitcoin, ahead of MARA Holdings but behind Strategy. Bitcoin traded at
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