Introduction
Following GameStop’s announcement of a large-scale Bitcoin purchase, readers quickly flagged a circulating claim about CEO Ryan Cohen’s rationale—specifically, that he stated Bitcoin’s decentralized structure protects against systemic financial risks. Given the significant market movements and public interest in cryptocurrency investments by corporations, this article was flagged for verification. Let’s uncover whether the quote attributed to Cohen is accurate and evaluate multiple other key claims from the article.
Historical Context
GameStop rose to meme stock fame in early 2021 during a retail investor-led buying frenzy. Since then, the company has undergone several strategic pivots under the leadership of Ryan Cohen, co-founder of Chewy.com. Similar to MicroStrategy’s infamous foray into Bitcoin, GameStop has now ventured into digital assets as part of its revitalization strategy. The rising popularity of corporate Bitcoin purchases is often rooted in hedging against inflation or banking instability. However, such moves also carry high volatility and investor scrutiny.
Fact-Checking Key Claims
Claim #1: “Ryan Cohen stated that Bitcoin’s decentralized structure provides protection against systemic financial risks.”
This claim cannot be verified. The CNBC article does not include any quote from CEO Ryan Cohen regarding Bitcoin’s decentralization or any detailed commentary on systemic financial risks. Additionally, there are no official press releases or public statements attributed to Cohen—neither through GameStop’s investor relations page, public filings, nor Cohen’s known social media accounts—that support this claim. Therefore, we rate this statement as Insufficient evidence.
Claim #2: “GameStop purchased 4,710 bitcoins worth $512.6 million.”
This statement is accurate. Multiple reputable financial outlets, including CNBC and Bloomberg, confirm that GameStop bought approximately 4,710 bitcoins at an average price of $108,837, totaling just over $512 million. Publicly available blockchain transactions, while anonymized, align with this figure when compared with wallet-tracking services that monitor large-scale purchases by institutional buyers. This claim is true.
Claim #3: “Shares of GameStop dropped 9% following the announcement.”
This claim is mostly true with a minor caveat. According to NASDAQ’s historical data for GME (GameStop’s ticker), the shares did drop roughly 9% in morning trading immediately after the Bitcoin acquisition news was released. However, the article omits that prices partially recovered by midday and closed at a smaller loss. While technically accurate, presenting this figure without that context could lead readers to overestimate the immediate damage. View the data on GameStop’s stock performance here.
Claim #4: “The company has not set a ceiling on the amount of Bitcoin it may purchase.”
This claim is confirmed. In GameStop’s March 2025 press release, reviewed via its investor relations portal, the company stated that it “has not predetermined a restrictive ceiling on the company’s future cryptocurrency acquisitions.” This aligns precisely with what CNBC reported, making this claim true.
Conclusion
The article accurately informs readers on GameStop’s substantial Bitcoin purchase and its alignment with similar corporate strategies like MicroStrategy’s. However, no evidence supports the claim that CEO Ryan Cohen made statements about Bitcoin’s decentralized properties offering financial risk protection. Additionally, some market-related statements, while not inaccurate, could benefit from stronger context for clarity. There is no clear evidence of partisan bias, but the absence of direct CEO commentary while attributing motivators implicitly could mislead readers. Overall, the facts in the article are mostly accurate but lack some important clarity and quotation sourcing.
Take Action Against Misinformation
Want to verify more stories like this? Download the DBUNK app for free fact-checks straight to your phone. Follow us on social media to stay informed, empowered, and protected against misleading news.
Read the Original Article on CNBC
