Video game retailer GameStop is a big believer in Bitcoin. The Grapevine, Texas-based company disclosed today, May 28, that it had purchased 4,710 Bitcoin. At the current trading rates, that's worth more than $510 million USD.
Bitcoin is one of the world's most valuable, and volatile, assets. It's currently worth more than $2 trillion overall, which is ahead of the total market cap of Google's parent company Alphabet. The current price for one Bitcoin is about $108,000.
GameStop's press release announcing the purchase of Bitcoin is a single sentence long, and there is no word on why GameStop did this or what its plans are. The announcement was not a surprise, though, as CNBC reported in February that GameStop was planning to buy cryptocurrencies. On May 27, US President Donald Trump reiterated his desire to create a "Bitcoin treasury."
In any event, GameStop's share price is up around 10% so far in 2025 and up more than 3,000% since the short-squeeze situation of 2021. GameStop had cash reserves of more than $4.5 billion as of February 2025, according to the company's latest filings.
Buying Bitcoin is GameStop CEO Ryan Cohen's latest strategy to help the struggling company turn things around; other measures have included layoffs, store closures, and selling Game Informer.
Cohen has the power to do this in part because GameStop's board voted in December 2023 to allow Cohen and two other board members to use GameStop's cash pile to purchase securities as part of a new "investment policy."
GameStop previously invested in NFTs and created its own cryptocurrency wallet, but the company shuttered this in January 2024.
Source
Bitcoin is one of the world's most valuable, and volatile, assets. It's currently worth more than $2 trillion overall, which is ahead of the total market cap of Google's parent company Alphabet. The current price for one Bitcoin is about $108,000.
GameStop's press release announcing the purchase of Bitcoin is a single sentence long, and there is no word on why GameStop did this or what its plans are. The announcement was not a surprise, though, as CNBC reported in February that GameStop was planning to buy cryptocurrencies. On May 27, US President Donald Trump reiterated his desire to create a "Bitcoin treasury."
In any event, GameStop's share price is up around 10% so far in 2025 and up more than 3,000% since the short-squeeze situation of 2021. GameStop had cash reserves of more than $4.5 billion as of February 2025, according to the company's latest filings.
Buying Bitcoin is GameStop CEO Ryan Cohen's latest strategy to help the struggling company turn things around; other measures have included layoffs, store closures, and selling Game Informer.
Cohen has the power to do this in part because GameStop's board voted in December 2023 to allow Cohen and two other board members to use GameStop's cash pile to purchase securities as part of a new "investment policy."
GameStop previously invested in NFTs and created its own cryptocurrency wallet, but the company shuttered this in January 2024.
Source