Why Did Ryan Cohen (GameStop) Just Unfollow All of Crypto?

In the world of finance, every word can be worth billions, and sometimes the loudest statement is a simple unfollow on a social network. This is exactly what happened in early August 2025 when GameStop's CEO, Ryan Cohen, a long-time symbol of the “meme stock” phenomenon, did just that. He unfollowed all crypto-related accounts on X (formerly Twitter).

A History of Experiments and Retreats

This simple action sparked a storm of emotion and speculation. Why would Ryan Cohen, who not long ago led his company into the world of Bitcoin, suddenly decide to distance himself from the crypto industry? To understand this, we need to look back at a series of events that made GameStop one of the most promising corporate crypto investors.

Ryan Cohen, upon taking the helm at GameStop, promised to revitalize the dying retail chain and transform it into a digital giant. His main strategy was to constantly experiment in new markets, and cryptocurrencies were part of that strategy.

In July 2022, at the peak of NFT popularity, GameStop opened its own NFT marketplace. In its first days, the platform surpassed even Coinbase's NFT marketplace in sales volume. But the triumph was short-lived. Less than two years later, in February 2024, GameStop shut it down, citing “ongoing regulatory uncertainty.”

Around the same time, GameStop launched its own crypto wallet. This initiative was also quickly wound down. In August 2023, the company announced it would end support for the wallet, again pointing to “regulatory uncertainty.” By November 2023, it had completely ceased to function.

These two cases set an important pattern: GameStop enters the crypto space with a bang, and then quietly retreats, citing external factors. The precedent left many skeptical about the company's next move.

The Big Pivot to Bitcoin

In March 2025, GameStop made its boldest move yet. It announced a new investment policy, officially including Bitcoin as a company treasury asset. Cohen, using his platform, positioned Bitcoin not as a speculative tool, but as “a hedge against inflation and global monetary debasement.”

To fund this strategy, GameStop began raising massive capital. In March 2025, the company sold convertible bonds for $1.5 billion. In June of the same year, it raised another $2.7 billion through convertible senior notes. On paper, everything looked perfect: the company had the money, the plans, and a strong public statement about its new strategy.

So, what happened?

GameStop did make a purchase, but only one. Between May 3 and June 10, 2025, the company acquired 4,710 Bitcoins for approximately $520 million. This was a significant investment, but it was only a third of what rumors suggested the company intended to buy starting in April 2025.

Since then, there has been silence. GameStop, despite having raised billions, has not made a single new Bitcoin purchase. And then Ryan Cohen unfollowed all the crypto accounts.

Why the Community Considers Ryan a Fraud

Cohen's actions on social media, combined with the halt in Bitcoin purchases, sparked a torrent of criticism. In the crypto community, some began calling him “Rugpull Ryan.” A term for a crypto scam in which developers suddenly abandon a project and take investors' money is now pinned to GameStop's CEO.

Investors feel betrayed. They bought into a strategy based on a BTC reserve, watched the company raise billions, and expected that money to go towards the stated goal. Instead, they saw that most of the capital remained unused, while the company's stock price fell 74% from its all-time high.

The paradox is that Cohen rarely gives explanations. His communication style is one of quick decisions without prior notice. This made him a cult figure among retail investors, but now it's working against him. In the absence of clear statements, the market interprets every unfollow and subscription change as an important strategic signal.

This creates a dangerous information vacuum that is filled with speculation and distrust. While the “Rugpull Ryan” label may be unfair, it shows that the trust earned over the years is now in doubt.

Why GameStop Might Be Retreating from Bitcoin

There are several possible explanations for this sharp change in course:

1. Too much risk. The company's management may have decided that further investment in a volatile Bitcoin posed too great a risk for a company that had just returned to profitability. It is important to note that GameStop became profitable not from increased sales, but from aggressive cost-cutting.
2. Regulatory issues. The repeated references to “regulatory uncertainty” in the past may not have been just an excuse, but a real reason. GameStop may have encountered new obstacles when trying to add Bitcoin to its balance sheet.
3. Distraction. The crypto strategy may have been intended primarily to attract attention and boost interest in the company. Now that it has worked, Cohen seems to be shifting focus back to the core business.

All of this shows that GameStop is at a crossroads. The company has huge cash reserves but no clear and consistent plan on how to use them. Its experiments with the crypto space have proven unsustainable, and now the future of its Bitcoin strategy hangs in the balance.

Investors should closely watch GameStop's next steps, especially its quarterly earnings report. It may become clear where the company's billions of dollars are really going.

For now, GameStop continues its game of mysteries, leaving investors to wonder whether Cohen's latest move is the end of the crypto dream or just a pause before an even bigger surprise. One thing is for sure: in the world of GameStop, there's never a dull moment.