Did GameStop push Bitcoin into bear market?

GameStop, the retail chain that became known for a massive short squeeze, bought hundreds of millions of Bitcoins last year when the price hovered around $107,000. Last week, the company moved all its cryptocurrencies to a single wallet on the Coinbase platform. Is it preparing for a sale, and what signal does this send to the market?

At the time of writing, Bitcoin has dropped almost 6% in the past week.

Precious metals

GameStop is no stranger to the crypto world. In 2021, the company became a symbol of the revolt of small investors against Wall Street hedge funds, orchestrated on the Reddit forum WallStreetBets.

Fans of the game store Gamestop pumped up the GME stock price ever higher, undermining the positions of short sellers, an action known as a “short squeeze.”

WallStreetBets became world-famous, and GameStop became the stock everyone wanted. Crypto fans were also delighted with the David versus Goliath story.

In 2025, GameStop CEO Ryan Cohen posed with Michael Saylor, founder of Strategy, for a social media picture. Afterwards, everyone realized GameStop was buying Bitcoin, and the retailer’s share price quickly rose again.

Tesla

Meanwhile, GameStop seems poised to sell those Bitcoins at a loss. If all those Bitcoins were sold for $90,000 per cryptocurrency, analysts expect GameStop to lose $84 million on its one-year crypto venture.

The problem is that the last time a revolutionary company bought and sold Bitcoin at a loss, we’re talking about Tesla in 2020-2022, it marked the beginning of the Bitcoin crash that year. That was four years ago, back in 2022. Is history repeating?