GameStop Makes First-Ever Bitcoin Bet with Half-Billion-Dollar Purchase

GameStop's pivot towards digital assets comes amid ongoing challenges in its core retail business. In its most recent fiscal quarter, the company reported a 28.5% year-over-year decline in revenue, totaling $1.28 billion. Despite these headwinds, GameStop's stock experienced a 30% increase over the past month, reflecting investor optimism about its strategic shift.

The company's move mirrors strategies employed by other firms, such as Strategy, which has amassed over 580,000 Bitcoins valued in the tens of billions of dollars. These companies view Bitcoin as a long-term store of value and a hedge against traditional market volatility.

GameStop CEO Ryan Cohen addressed the Bitcoin acquisition in a post on X:

Analysts have noted that GameStop's Bitcoin acquisition positions it among the top corporate holders of the cryptocurrency, though it still trails behind industry leaders like Strategy and Tesla. The investment reflects a growing confidence among corporations in the viability of digital assets as part of their financial strategies.

However, the market's response to GameStop's announcement was mixed. While the company's shares saw an initial uptick in pre-market trading, they later declined during the session. This volatility underscores the cautious sentiment among investors regarding the company's new direction.

GameStop's entry into the cryptocurrency market is part of a broader trend of corporate adoption of digital assets. As of late May 2025, over 110 publicly listed companies have incorporated Bitcoin into their balance sheets, collectively holding more than 688,000 Bitcoins valued at approximately $72.6 billion.

In addition to GameStop, other notable companies have made significant investments in Bitcoin. For instance, Trump Media and Technology Group announced plans to raise $2.5 billion to purchase Bitcoin, signaling a growing institutional interest in the cryptocurrency.

GameStop's strategic shift reflects a broader reevaluation of asset allocation strategies among corporations. By integrating Bitcoin into its treasury, the company aims to diversify its holdings and potentially enhance shareholder value in the long term. As the cryptocurrency market continues to evolve, GameStop's investment may serve as a bellwether for other companies considering similar moves.

While the long-term implications of GameStop's Bitcoin acquisition remain to be seen, the move underscores the growing intersection between traditional finance and digital assets. As more companies explore the integration of cryptocurrencies into their financial strategies, the landscape of corporate treasury management is poised for significant transformation.