Key Takeaways
- GameStop purchased 4,710 Bitcoin worth $512 million.
- The purchase follows a $1.5 billion convertible note offering in April.
- GameStop is emulating Strategy's corporate Bitcoin reserve model.
GameStop has announced the purchase of 4,710 Bitcoin, worth approximately $512 million, as part of its new corporate treasury strategy.
Acquisition
The acquisition follows a $1.5 billion offering in convertible senior notes completed in April.
Although the company did not specify the funding source in its announcement, the Bitcoin purchase appears to align with its previously stated plans to allocate proceeds from the offering to a Bitcoin reserve.
Tweet
“GameStop has purchased 4,710 Bitcoin,” the company posted on X, confirming the move on Wednesday.
March hint
In March, GameStop CEO Ryan Cohen hinted at this direction when he was seen alongside Strategy co-founder and Executive Chairman Michael Saylor.
Strategy (formerly MicroStrategy) was the first public company to build a Bitcoin treasury, beginning with a $425 million investment in 2020. It now holds billions in Bitcoin and has grown into a $101.76 billion firm.
GameStop is not alone in following this model. Public companies including Marathon Digital Holdings, Riot Platforms, and CleanSpark also maintain substantial Bitcoin holdings. Tesla, for example, holds $1.25 billion in Bitcoin as of December 2024.
Founded as a video game retailer, GameStop surged into public attention during the 2021 meme stock frenzy. Its recent Bitcoin acquisition marks a significant shift in its corporate strategy as it joins a growing list of companies integrating Bitcoin into their balance sheets.
