Online game retailer GameStop is a giant believer in Bitcoin. The Grapevine, Texas-based firm disclosed at the moment, Could 28, that it had bought 4,710 Bitcoin. On the present buying and selling charges, that is value greater than $510 million USD.
Bitcoin is likely one of the world’s most beneficial, and unstable, property. It is at the moment worth more than $2 trillion overall, which is forward of the whole market cap of Google’s dad or mum firm Alphabet. The present value for one Bitcoin is about $108,000.
GameStop’s press launch saying the acquisition of Bitcoin is a single sentence long, and there’s no phrase on why GameStop did this or what its plans are. The announcement was not a shock, although, as CNBC reported in February that GameStop was planning to purchase cryptocurrencies. On Could 27, US President Donald Trump reiterated his desire to create a “Bitcoin treasury.”
In any occasion, GameStop’s share value is up round 10% to date in 2025 and up greater than 3,000% because the short-squeeze state of affairs of 2021. GameStop had money reserves of more than $4.5 billion as of February 2025, based on the corporate’s newest filings.
Shopping for Bitcoin is GameStop CEO Ryan Cohen’s newest technique to assist the struggling firm flip issues round; different measures have included layoffs, retailer closures, and promoting Sport Informer.
Cohen has the facility to do that partially as a result of GameStop’s board voted in December 2023 to permit Cohen and two different board members to make use of GameStop’s money pile to buy securities as a part of a brand new “investment policy.”
GameStop beforehand invested in NFTs and created its personal cryptocurrency pockets, however the firm shuttered this in January 2024.