Social media took notice yesterday when the CEO of the world’s second largest meme stock after Tesla itself, Gamestop’s Ryan Cohen, suddenly unfollowed all Bitcoin accounts on X.
His decision cast shade on David Bailey’s conference account, which has hosted keynotes by US President Donald Trump and Vice President JD Vance.
The decision is notable given that Gamestop currently owns 4,710 BTC worth about $550 million — just one-third the amount that the company had hoped to buy since April.
Despite its 4,710-BTC purchase, skeptics have been underwhelmed with Cohen’s level of investment. Pointing out his unenthusiastic tone and lack of passion, critics called him worthless, non-Bitcoin, and an idiot.
They also nicknamed him “Rugpull Ryan” to point out his share price’s 80% decline from its all-time high.
Specifically, Bitcoiners believed that Cohen was going to emulate Michael Saylor’s sales of bonds to acquire additional BTC. Although Cohen did sell off his Gamestop bonds, he didn’t purchase BTC with the majority of those proceeds.
Ryan Cohen was supposed to buy more bitcoin
Gamestop raised $1.48 billion from bond sales in April, saying the company intended to fund BTC purchases and corporate operations with those proceeds. However, Cohen only spent about one-third of those proceeds on actual BTC.
Cohen has refused to follow-up on that single, May 28 purchase announcement.
Read more: Is a Gamestop-style gamma squeeze fueling bitcoin’s rally?
Cohen’s obstinance despite his April promise infuriated many Bitcoiners. In fact, the company last reported more than $6.3 billion in cash, cash equivalents, and short-term investments — yet it hasn’t even purchased the BTC it has guided since April.