GameStop has officially entered the corporate Bitcoin club, announcing the acquisition of 4,710 BTC on May 28 via a post on X. The move follows the company’s March decision to adopt Bitcoin as a treasury reserve asset, signaling a significant strategic shift in its financial direction.
From Meme Stock to Bitcoin Holder
The announcement offered few details beyond the number of coins acquired, but it reflects an ongoing pivot under CEO Ryan Cohen. In March, Cohen teased this direction when he appeared alongside Michael Saylor—Executive Chairman of Strategy (formerly MicroStrategy)—who is known for pioneering corporate Bitcoin adoption.
Reports dating back to February suggested GameStop was exploring the addition of Bitcoin and other cryptocurrencies to its balance sheet, marking a return to crypto after its brief foray into Web3 with a now-defunct crypto wallet in 2022.
Despite shutting down that wallet amid regulatory uncertainty, GameStop has continued to resonate with retail investors and crypto enthusiasts alike—particularly those from the “degen” crowd that fueled its 2021 meme stock rally.
Joining the Bitcoin Treasury Movement
GameStop now joins a growing list of companies using Bitcoin as a reserve asset. Recent developments highlight a surge in corporate crypto activity:
- Blockchain Group announced a $72 million Bitcoin purchase following a successful €63.3M bond raise.
- Blackstone made its first move into crypto by acquiring shares in BlackRock’s iShares Bitcoin Trust (IBIT), totaling over $1 million in exposure.
- DigiAsia Corp, a Nasdaq-listed Indonesian fintech firm, saw its stock rise over 91% after revealing a $100 million Bitcoin treasury plan.
- Trump Media & Technology Group confirmed a $2.5 billion Bitcoin investment initiative.
Meanwhile, Strategy (formerly MicroStrategy) continues to lead the charge with 580,000 BTC under its belt—valued at more than $88 billion—with a market cap surpassing even the worth of its Bitcoin holdings.
As of now, 113 publicly traded companies hold Bitcoin, up from 89 in April, collectively owning over 800,000 BTC.
Financial Turnaround Despite Declining Revenue
GameStop’s Bitcoin purchase follows a surprisingly strong Q4 earnings report. The company more than doubled its net income to $131.3 million, compared to $63.1 million the previous year. This improvement comes despite continued revenue decline and store closures, with fiscal 2024 sales dropping to $1.28 billion from $1.79 billion.
The earnings rebound is largely attributed to aggressive cost-cutting, including the closure of 590 U.S. stores. Additional closures are expected in the coming fiscal year.
What This Means for GameStop and the Industry
By adding Bitcoin to its balance sheet, GameStop not only aligns itself with forward-looking fintech strategies but also taps into the energy of a retail investor base that already sees it as a symbol of disruption.
The move positions the company as more than a struggling brick-and-mortar retailer—it’s now a participant in the digital asset economy, further bridging the worlds of gaming, finance, and crypto.
