GameStop Buys $512M in Bitcoin to Establish Corporate Crypto Treasury
Video game retailer GameStop has taken a bold step into crypto by purchasing 4,710 Bitcoin—worth around $512 million—establishing its corporate Bitcoin reserve. The move follows the company’s successful $1.5 billion offering of convertible senior notes in early April, aimed at funding the treasury.
GameStop announced the acquisition via its official Twitter account, signaling its shift toward a digital asset strategy. While the company didn’t specify in its press release that the purchase was part of its treasury plan, the timeline and context suggest it is.
This marks a significant pivot for the meme stock favorite, which rose to fame during the 2021 Reddit-fueled stock market frenzy. CEO Ryan Cohen had hinted at such a move earlier this year when he was seen alongside MicroStrategy co-founder Michael Saylor, known for pioneering the corporate Bitcoin treasury strategy.
MicroStrategy’s Bitcoin-first approach helped it evolve from a traditional software company to a $100+ billion firm. GameStop now appears to be following that playbook, joining other public companies like Marathon Digital, Riot Platforms, CleanSpark, and Tesla, which hold billions in Bitcoin.
Beyond Bitcoin, the trend is expanding. SharpLink Gaming recently raised $425 million to invest in Ethereum, even adding Ethereum co-founder Joseph Lubin to its board.
Despite the long-term vision, the market reacted sharply. GameStop’s stock (GME) dropped over 10% after the announcement, falling to $31.45. The stock had surged earlier this month following a post from “Roaring Kitty,” the face of the 2021 rally, showing the meme-driven volatility still lingers.
GameStop’s bold move could either cement its place as a digital-age pioneer or mark another high-risk bet in its evolving saga.
