American video game retailer GameStop has acquired 4,710 Bitcoin, the company announced in a May 28 post on X. The company did not provide more details.
The announcement comes after GameStop officially adopted Bitcoin as a treasury reserve asset in March.
Notably, GameStop’s CEO, Ryan Cohen, had previously hinted at such a shift, sharing a photo with Strategy’s Executive Chairman Michael Saylor, a prominent advocate for corporate Bitcoin adoption.
In February, CNBC reported that the company was considering adding Bitcoin and other cryptocurrencies to its balance sheet.
This isn’t GameStop’s first foray into crypto. The company previously launched a crypto wallet in 2022, hoping to ride the Web3 wave, but shut it down a year later, citing “regulatory uncertainty.”
Still, with its roots entrenched in gamer culture and a strong connection to the so-called “degen” crowd—the retail investors who famously drove its stock sky-high during the 2021 meme stock craze—GameStop has remained closely watched by the crypto-curious community.
GameStop Joins Other Corporations Adopting Bitcoin as Reserve Asset
The move aligns GameStop with other corporations integrating digital assets into their financial strategies.
Just recently, French crypto holding company Blockchain Group announced plans to purchase an additional $72 million worth of Bitcoin following a successful €63.3 million bond sale, as it expands its aggressive treasury strategy.
On May 20, Blackstone, the world’s largest alternative asset manager, made its first move into crypto markets, purchasing shares in BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund.
According to a filing with the U.S. Securities and Exchange Commission, Blackstone acquired 23,094 IBIT shares as of March 31, valued at approximately $1.08 million.
Prior to that, shares of Indonesian fintech firm DigiAsia Corp surged by over 91% on May 19, after the Nasdaq-listed company announced plans to raise $100 million to initiate Bitcoin purchases as part of a new treasury strategy.
Trump Media & Technology Group has also confirmed plans to raise $2.5 billion to buy crypto, joining a growing list of firms mimicking MicroStrategy’s blueprint.
MicroStrategy, now renamed “Strategy,” holds 580,000 BTC and boasts a market capitalization exceeding $100 billion, more than the current value of its Bitcoin reserves.
As of now, 113 publicly listed companies hold Bitcoin, up from 89 in April, with a combined stash of over 800,000 BTC worth approximately $88 billion.
GameStop Doubles Profit Despite Falling Revenue and Store Closures
Despite its challenges, GameStop posted a rare bright spot in its latest earnings report. The company’s net income more than doubled in the fourth quarter to $131.3 million, up from $63.1 million a year earlier, driven by aggressive cost-cutting.
The company shuttered 590 stores in the US in fiscal 2024 and plans to close even more this year. Still, overall revenue fell to $1.28 billion from $1.79 billion, showing the continued decline of its traditional gaming retail business.
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