GameStop (GME) is back in the headlines, and this time it’s not about meme stock mania—it’s about Bitcoin. On March 25, 2025, the gaming retailer dropped a bombshell alongside its Q4 earnings: it’s diving into crypto, planning to scoop up Bitcoin (BTC) and U.S. dollar-pegged stablecoins with some of its hefty $4.8 billion cash pile. The news sent GME shares soaring 16% on Wednesday, March 26, and lit up social media with wild speculation about just how deep GameStop’s going into the BTC pool.
The Big Reveal
CEO Ryan Cohen has been dropping hints for weeks—think cryptic X posts and a photo op with Bitcoin guru Michael Saylor of Strategy (MSTR)—teasing that GameStop might pivot to crypto. Matt Cole, head of Strive Asset Management (a GME stakeholder via its ETFs), even nudged Cohen publicly to make BTC the cornerstone of the company’s treasury. Tuesday’s earnings confirmed the rumors: the board unanimously greenlit the move, updating its investment policy to include digital assets. Net income doubled to $131.3 million from $63.1 million last year, but with sales sliding 28% to $1.28 billion, Cohen’s clearly looking beyond joysticks for a lifeline.
The catch? GameStop’s keeping us guessing. No word on how much BTC they’ll buy or when the first purchase will hit. That vagueness has X buzzing with theories, from modest dips to blockbuster bets.
Social Media Goes Wild
The crypto crowd’s losing its mind trying to crack the code. Anthony Pompliano, a big name at Professional Capital Management, isn’t buying the small-ball theory. “You don’t slog through board approvals for a measly 1-2% play,” he wrote in a note. “Ryan Cohen’s got a big swing in mind—think material cash into Bitcoin.” Pomp’s hunch? This isn’t a toe-dip; it’s a cannonball into the BTC deep end. He even pointed out Cohen’s X follows—three Bitcoin-centric accounts—as proof the CEO’s gone full crypto bro.
Over on X, Michael Saylor, whose Strategy has hoarded over 500,000 BTC with $33 billion in buys, ran a poll asking followers what GameStop needs to “earn respect” from Bitcoiners. The consensus? At least $3 billion in BTC. That’s a tall order, but Strategy’s journey started smaller—$250 million from COVID cuts—before snowballing with debt raises. Could GameStop follow suit with its own creative cash grabs? Social media’s betting yes.
Not everyone’s sold, though. Josh Mandell, a former bond trader, tossed out a head-scratcher on X: GME’s stock is spiking on the promise of BTC, not actual ownership. “They don’t even hold it yet,” he mused. “This rally might shrug off Bitcoin’s ups and downs—for now.” It’s a quirky twist—hype driving value before the coins even land.
How Much Will They Buy?
Speculation’s running rampant. With $4.8 billion in cash as of February 1, GameStop’s got firepower. At BTC’s current price—around $88,000 after an 18% drop from its $100,000 peak—a $3 billion bet would snag roughly 34,000 BTC, making GameStop a top-tier corporate holder behind Strategy and MARA Holdings. A full $4.8 billion? That’s 54,000+ BTC, a seismic move that’d shake the market. But Cohen’s playing it coy, leaving room for anything from a cautious nibble to an all-in plunge.
The why is pretty clear: GameStop’s core business is bleeding. Physical game sales are tanking as digital downloads dominate, with 590 U.S. stores shuttered in 2024 and more cuts planned for 2025. Bitcoin is a hedge against that decline—and maybe a moonshot to reignite investor love. Cohen’s cost-cutting has kept the ship afloat, but this crypto pivot screams bigger ambitions.
For now, the stock’s riding high on promise alone. Whether GameStop becomes a Bitcoin titan or just another crypto dabbler, one thing’s sure: the chatter’s not dying down anytime soon. Stay tuned—this story’s just heating up.
