Speculation is surfacing online that GameStop is connected to a Bitcoin wallet holding 34,000 BTC. A Japanese crypto influencer, Han Akamatsu was the first to bring up this claim in a tweet. He shared two images of a Bitcoin wallet speculated to be linked with GameStop with over 34,000 BTC balance which were purchased on April 11 at an average price of about $80,000 per coin. Akamatsu asked, “Could it be?”
Another crypto influencer, The Bitcoin Therapist, suggested GameStop might announce its Bitcoin purchase only after Bitcoin hits new all-time highs. GameStop initially announced on March 25, 2025, that its board approved updating the company’s investment policy to include Bitcoin as a treasury reserve asset.
The move was identified as a strategy to diversify GameStop’s capital by adding the cryptocurrency to its assets. It was led by CEO Ryan Cohen, who has been guiding the company through a major transformation.
So far, there is no official confirmation that the wallet with 34,000 BTC belongs to GameStop. The company has not released any filings or statements linking them directly to this address. However, the timing of the wallet and the time the Bitcoin was purchased does raise curiosity as it was shortly after the March 25th announcement.
Meanwhile, GameStop reported a 3.44% increase in its cash holdings during the fourth quarter. It closed the quarter with $4.775 billion in cash, cash equivalents, and marketable securities. This was up from $4.616 billion in the third quarter.
Its decision to add Bitcoin to its treasury was after earlier speculation when Cohen posed with BTC advocate Michael Saylor in February 2025. However, it is not confirmed if GameStop really purchased the asset or if the wallet Akamatsu shared is indeed linked to the retail company. Also, if it does hold Bitcoin, there’s no surety that it’s HODLing 34,000 BTC ss the actual number can vary upon official declaration.
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