GameStop Acquires More Than $500 Million in Bitcoin Following Strategic Move

GameStop, following its successful $1.5 billion convertible stock offering, has announced its first bitcoin purchase of approximately a third of the total funds raised. The company has joined a growing list of organizations that are accumulating bitcoin as part of their strategic reserves.

The purchase includes 4,710 BTC, valued at over $500 million. However, unlike Strategy, a company known for its detailed disclosures of bitcoin purchases, GameStop has not provided information on when and at what average price the purchase was made. In late March, GameStop outlined its plan to accumulate BTC for its treasury reserves and by April 2, it completed a $1.5 billion convertible note offering.

This action allowed GameStop to make its entry into the bitcoin ecosystem and align itself with companies like Strategy and Metaplanet.