🕹️ GameStop Buys 4,710 $BTC but Stock Drops 📉
#gamestop $GME just made its first #Bitcoin purchase, acquiring 4,710 BTC (~$506M). This follows its earlier move to adopt Bitcoin as a treasury reserve asset, joining the likes of MicroStrategy and Metaplanet.
📉 Despite the big buy, $GME stock fell 8.8%, likely due to:
🔸 A 1.5% drop in BTC price
🔸 A cool-down after a 24.8% rally over the last 3 days
🧠 CEO Ryan Cohen previously teased crypto plans, even posing with Michael Saylor, fueling speculation.
📊 GameStop is aiming to reinvent itself as a digital-first company after years of decline, using BTC as a strategic hedge.
📌 Context:
🔹 $GME is still down 63% from its 2021 meme-stock high
🔹 Stock is up 1.9% YTD, beating the S&P 500’s 0.5%