GameStop Halts Bitcoin Purchases, CEO Ryan Cohen Steps Back from Crypto

GameStop CEO Ryan Cohen has significantly downplayed his company’s crypto presence, discontinuing all Bitcoin purchases following a $513 million investment. This comes after the CEO unfollowed all Bitcoin-related accounts on X. The move raises questions about GameStop’s commitment to cryptocurrency, despite its initial fanfare surrounding Bitcoin investments. Analysts point out that Cohen’s decision follows months of speculation regarding his crypto strategy. Notably, the company’s approach appears more cautious with a recent shift away from aggressive accumulation after acquiring Bitcoin in May.