GameStop Drops $512M on Bitcoin, Joins Corporate Crypto Wave

GameStop buys 4,710 BTC worth $512M, joining a growing wave of corporations adding Bitcoin to their treasuries.

Hand holding a Ukrainian piggy bank reserve full of Bitcoin (BTC).
Created by Kornelija Poderskytฤ— from DailyCoin

Video game retailer GameStop purchased 4,710 Bitcoins (BTC) on Wednesday, just days after the companyโ€™s shares reached 3-year highs of $35.59.

The company announced it had acquired 4,710 BTC, worth approximately $512 million at current prices.

Although the brief announcement didnโ€™t offer further details, it is widely expected that these bitcoins are intended for GameStopโ€™s corporate treasury.

Sponsored

Earlier this March, GameStop revealed plans to allocate part of its cash reserves to Bitcoin, highlighting the cryptocurrencyโ€™s potential for long-term value preservation.

To support the move, GameStop raised $1.5 billion in a bond sale, marking the proceeds for Bitcoin purchases and general corporate development.

Not Alone in Corporate Bitcoin Acquisitions

GameStopโ€™s move echoes a growing trend among corporations integrating Bitcoin into their financial strategies, inspired by Michael Saylorโ€™s MicroStrategy, which began accumulating Bitcoin in 2020.

Semler Scientific, a U.S.-based health technology company, began purchasing Bitcoin in May 2024 and has since acquired over 4,264 BTC, valued at approximately $461 million.

Trump Media & Technology Group (TMTG), the parent company of Truth Social, is also planning to raise $2.5 billion, comprising $1.5 billion in equity and $1 billion in debt, to purchase Bitcoin.

Bitcoin Pauses After Recent Surge

The Bitcoin price steadied near $107,000 on Wednesday after a mild pullback. The worldโ€™s largest cryptocurrency fell 1.5% over the past 24 hours, last trading at $107,700, according to CoinMarketCap.

Last week, Bitcoin reached a record high of nearly $112,000, boosted by easing trade tensions and progress on stablecoin regulation in the U.S. Senate.


Why This Matters

GameStopโ€™s substantial Bitcoin purchase underscores a growing shift among non-crypto corporations viewing Bitcoin as a strategic asset for preserving value and diversifying corporate treasuries. This trend signals broader institutional acceptance of Bitcoin beyond the traditional crypto industry, potentially impacting market dynamics and investor confidence.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Alex Costa

Alex Costa is a crypto writer and investor specializing in researching, analyzing and reporting on promising small-cap projects that are gaining traction in the industry. He has been in crypto since 2018, when he began looking for hidden gems in crypto. Today, he is dedicated to finding the next top performing NFTs and tokens.

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