Quick take:
GameStop revealed via an X post on Wednesday that it purchased 4,710 Bitcoin about $512 million at the time of writing.
The company did not provide details on when the BTC was purchased or the average price.
Shares of GameStop spiked 4% pre-market after the news.
GameStop has acquired 4,710 bitcoins, approximately $512 million at the time of writing, according to an announcement on Wednesday.
The purchase follows the video game retailer’s announcement in March that it was offering a $1.5 billion convertible note to be used to establish a Bitcoin treasury. The company did not disclose the exact day the bitcoins were acquired or the average purchase price.
GameStop shares spiked more than 4% pre-market before plummeting more than 10% in the early hours of trading on Wednesday.
The company is following a growing trend of mainstream companies purchasing Bitcoin to establish a Bitcoin treasury.
On Tuesday, asset management company Strive raised $750 million to establish its Bitcoin treasury. Earlier this month, healthcare company KIndlyMD teamed up with David Bailey’s crypto company Nakamoto, to create a Bitcoin Treasury, while Trump Media and Technology Group recently announced a $2.5 billion funding earmarked for its Bitcoin treasury.
One company that took a slightly different approach is SharpLink, which raised $425 million to establish an ETH treasury, which it said is core to its crypto strategy.
This is not GameStop’s first foray into crypto. In January 2024, the company announced it was shutting down its NFT marketplace, about three years after making its foray. The company later revealed plans to establish a Bitcoin treasury, which were approved by the board in March.
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The post GameStop Kicks Off Bitcoin Treasury Strategy with $512M BTC Purchase appeared first on NFTgators .
