GameStop’s stock took a sharp hit on Wednesday after the company revealed its first major cryptocurrency acquisition—4,710 Bitcoin valued at approximately $512 million. Despite hopes that adopting a Bitcoin treasury might boost its market performance, as seen with other companies, GameStop’s move has so far yielded the opposite effect.
The firm tweeted that it had purchased 4,710 BTC, after having completed a $1.5 billion offering of convertible senior notes to investors in early April.
In March, GameStop CEO Ryan Cohen teased the company’s Bitcoin ambitions by posing alongside Michael Saylor, co-founder and Executive Chairman of Strategy, who pioneered the model of public companies using Bitcoin as a treasury asset.
Shares of GameStop (GME) fell over 10% to $31.45 following the announcement, briefly dipping as low as $30.73 earlier in the day. Still, the stock remains up 10% over the past week and 14% for the month.
The Bitcoin purchase follows weeks of anticipation after GameStop disclosed plans in late March to adopt Bitcoin as a treasury asset. The company raised $1.5 billion through a convertible senior note offering in April to fund the acquisition, rather than using its existing cash reserves.
GameStop officially confirmed the purchase on social media, posting, “GameStop has purchased 4,710 Bitcoin,” alongside a Bitcoin-themed image. The tweet marks a significant step in the company’s evolving strategy, as it continues to shift from its traditional retail roots toward broader tech and digital asset investments.
The move had been hinted at earlier in the year when GameStop CEO Ryan Cohen was seen with MicroStrategy co-founder and Bitcoin advocate Michael Saylor. MicroStrategy is currently the largest corporate holder of Bitcoin, with over $62 billion in assets as of this writing.
Investor reaction has been mixed. GameStop saw a modest stock bump in March when the Bitcoin strategy was first revealed, but confidence waned once it became clear that the company would raise new capital instead of using existing funds for the purchase.
GameStop now joins a growing number of public companies embracing cryptocurrency reserves. While Bitcoin remains the most common choice, other firms—like DeFi Development Corp. and Upexi—have found success with alternatives such as Solana. Just this week, SharpLink Gaming’s stock surged after it announced plans to create an Ethereum reserve.
Unlike many of these crypto-forward upstarts, GameStop is a well-established player with a significant presence in the stock market—famed for its dramatic role in the 2021 “meme stock” frenzy led by retail investor icon Keith Gill, aka Roaring Kitty. Gill has re-entered the GameStop scene with a $116 million stake, reigniting interest in the retailer. His involvement is reminiscent of the 2021 meme stock rally that significantly boosted GameStop’s stock price.
In its latest quarterly report, GameStop reported a 29% year-over-year decline in sales, totaling $882 million. The company also announced plans to sell up to 75 million additional shares to raise capital for general corporate purposes, including potential acquisitions and investments.
The retailer continues to streamline its operations, closing over 400 stores in 2025—double the number from the previous year. The company has exited markets in Germany and Italy and is considering further closures, including its French operations .
Now, with $512 million in Bitcoin on its balance sheet, GameStop is once again making bold bets. But whether this move will pay off remains to be seen.
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