GameStop Enters Corporate Crypto Race With 4,710 BTC Buy

The gaming retailer has acquired 4,710 BTC, aligning itself with a growing list of public companies adopting Bitcoin as a treasury reserve asset.

GameStop, the iconic video game retailer turned meme-stock legend, has made a strategic leap into digital assets by acquiring 4,710 Bitcoin as part of its treasury holdings. The announcement, shared via the company’s official X account on May 28, marks a significant step in its evolving financial strategy—and places it firmly among a growing list of corporations embracing cryptocurrency as a reserve asset.

This move follows GameStop’s March decision to adopt Bitcoin as a treasury reserve, although details regarding the timing or financial terms of this latest purchase were not disclosed.

From Retail Disruptor to Digital Asset Holder

Once at the center of the meme stock frenzy, GameStop has continually sought ways to evolve beyond its traditional retail model. While the company’s prior foray into crypto—including a now-defunct wallet launched in 2022—ended amid regulatory uncertainty, the current strategy reflects a longer-term commitment to digital asset integration.

The latest pivot gained traction earlier this year when CEO Ryan Cohen sparked speculation by sharing a photo with Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), a well-known champion of corporate Bitcoin adoption. The image was widely interpreted as a hint at GameStop’s crypto ambitions.

Back in February, CNBC reported that GameStop was exploring the addition of Bitcoin and other cryptocurrencies to its balance sheet, signaling a growing internal consensus toward embracing crypto as part of its financial playbook.

GameStop Joins a Growing Corporate Crypto Club

GameStop’s Bitcoin acquisition comes amid a broader wave of institutional interest in cryptocurrency—particularly Bitcoin—as a hedge against inflation and a non-sovereign store of value.

Several major companies have recently taken similar steps:

• Blockchain Group, a French crypto holding company, is set to purchase $72 million worth of Bitcoin after completing a €63.3 million bond sale.
• Blackstone, the world’s largest alternative asset manager, made its crypto debut with a $1.08 million investment in BlackRock’s iShares Bitcoin Trust (IBIT), as disclosed in a March 31 SEC filing.
• DigiAsia Corp, an Indonesian fintech firm, saw its shares surge over 91% on May 19 after announcing plans to raise $100 million to acquire Bitcoin as part of a new treasury strategy.
• Trump Media & Technology Group confirmed its intention to raise $2.5 billion to buy cryptocurrency assets, underlining a notable trend among publicly traded firms.

These moves mirror the high-profile strategy of Strategy (formerly MicroStrategy), which now holds 580,000 BTC—the largest Bitcoin treasury of any public company. Strategy’s aggressive accumulation has helped it achieve a market capitalization exceeding $100 billion, outpacing even the current value of its Bitcoin holdings.

As of late May, 113 publicly listed companies globally hold Bitcoin, up from 89 the previous month. Combined, they control more than 800,000 BTC, valued at roughly $88 billion, underscoring the asset’s growing prominence on corporate balance sheets.

Financials Paint a Complex Picture

GameStop’s embrace of Bitcoin comes at a time of mixed financial results. In its most recent earnings report, the company delivered a surprise profit: net income more than doubled in the fourth quarter to $131.3 million, compared to $63.1 million a year earlier.

This gain was attributed primarily to aggressive cost-cutting, including the closure of 590 stores in the U.S. during fiscal 2024. Additional closures are anticipated in the coming year.

However, the positive earnings were tempered by ongoing challenges in its core business. Revenue fell to $1.28 billion, down from $1.79 billion, reflecting the broader decline of brick-and-mortar video game retail as digital downloads and online marketplaces gain dominance.

What GameStop’s Bitcoin Bet Means

While GameStop has not disclosed the precise cost basis or date of its Bitcoin purchase, its move is likely to resonate across both crypto and equity markets.

For crypto advocates, the company’s entry validates the thesis that Bitcoin is gaining credibility as a legitimate treasury asset—no longer the domain of only tech-native firms or financial disruptors. For investors, the pivot may be seen as a high-risk, high-reward effort to reinvent the brand and attract a new generation of shareholders aligned with digital asset ideologies.

GameStop’s alignment with Bitcoin also makes cultural sense. The company has long enjoyed support from the “degen” crowd—a cohort of retail investors steeped in internet culture and comfortable with volatile, speculative assets. Their role in the 2021 short squeeze saga highlighted the power of collective digital communities, a trait mirrored in Bitcoin’s own grassroots origins.

Looking Ahead

GameStop’s foray into Bitcoin adds another layer to its already unconventional corporate story. While the long-term financial impact of this move remains uncertain, the symbolic weight is unmistakable: one of America’s most-watched retail brands is staking part of its future on the world’s most prominent digital asset.

Whether this will spark a new wave of corporate Bitcoin adoption or become a cautionary tale remains to be seen. But in aligning itself with the likes of Strategy and Blackstone, GameStop has signaled it no longer intends to play it safe—and is willing to embrace volatility in pursuit of relevance and reinvention.