GameStop, the well-known U.S. retailer focused on video games and electronics, has officially entered the Bitcoin market. In a May 28 announcement on its X (formerly Twitter) account, the company revealed it has acquired 4,710 BTC—marking its first confirmed move into cryptocurrency investments.
Although the statement didn’t include the purchase date or total expenditure, estimates suggest the investment is currently valued at around $513 million. GameStop’s corresponding Form 8-K filing with the U.S. Securities and Exchange Commission offered few additional details.
This development follows GameStop’s earlier declaration in March that it intended to diversify into Bitcoin. At that time, the company outlined plans to finance the move via debt, including the launch of a $1.3 billion convertible notes offering.
The announcement ends months of speculation surrounding GameStop’s interest in alternative assets like digital currencies.
GameStop Shares React to Crypto Buzz
Amid rising rumors of a Bitcoin play, GameStop’s stock has seen notable gains. The company’s shares surged 12% in March, and February chatter around crypto involvement contributed to an 18% price rally.
As of May 27, GME stock closed at $35 and was trading at $36.30 in pre-market activity, per TradingView data. Over the past month, the stock is up around 30%, with a 10% increase recorded year-to-date.
Corporate Bitcoin Adoption Gathers Steam
GameStop’s investment joins a broader wave of institutional interest in Bitcoin. The trend was initially spearheaded by MicroStrategy, led by Michael Saylor, which began accumulating BTC back in August 2020.
Other global firms—including Brazil’s Meliuz and Japan’s Metaplanet—have followed suit this year, adopting Bitcoin-focused treasury strategies to boost reserves.
Meanwhile, Trump Media and Technology Group, the company behind the Truth Social platform, also confirmed plans on May 27 to raise $2.5 billion for a Bitcoin purchase, despite having previously denied such intentions.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
