GameStop Corp. (NYSE: GME) jolted financial markets on Tuesday after disclosing a $513 million purchase of Bitcoin, acquiring 4,710 BTC in its first major foray into cryptocurrency.
The move, confirmed in a regulatory filing and announced via the company’s official X account at 10:52 UTC, is part of a broader effort to diversify assets amid ongoing pressure on its traditional retail business.
The investment follows GameStop’s March declaration that it would explore alternative assets, including digital currencies, after launching a $1.3 billion convertible notes offering. That announcement briefly buoyed the company’s stock, which rose 12% at the time, according to Cointelegraph.
Bitcoin was trading at approximately $109,000 per coin at the time of GameStop’s announcement, pegging the value of the purchase at $513 million, though the exact timing and price of the acquisition were not disclosed. Shares of GameStop rose more than 2% in premarket trading, reflecting initial investor enthusiasm.
Anthony Pompliano, a noted Bitcoin advocate, weighed in on X, writing, “GameStop just announced they purchased 4,710 bitcoin. This is going to send the retail traders into a frenzy.” His comments allude to the meme stock rally of 2021, when retail traders pushed GameStop shares to historic highs.
The sentiment was echoed by investor Turner Novak, who remarked, “The virus is spreading,” referencing the broader corporate shift toward cryptocurrency adoption. However, the news also drew immediate criticism from skeptics on social media.
“Took too long. Not enough BTC,” said @MSTRhodl on X. “That’s 500m BTC on a $15b company—that’s a horrible mNAV. They squandered their opportunity.” Another user, @captcrypto2020, questioned Bitcoin’s current valuation: “If you think retail is still going to buy BTC at $110,000 you’re dumber than you look.”
Bitcoin recently reached an all-time high of $112,509.65 on May 22. The coin’s surge, coupled with ongoing macroeconomic concerns and the White House’s establishment of a Strategic Bitcoin Reserve in March, has increased its appeal as a hedge against inflation and currency risk.
GameStop’s pivot to Bitcoin mirrors the approach of firms like MicroStrategy, which have accumulated large Bitcoin reserves as a store of value. According to Bitcoin Treasuries data as of May 25, MicroStrategy remains the largest corporate Bitcoin holder.
Still, the strategy carries risks. GameStop stock has been notably volatile. After jumping 7.8% last week alongside Bitcoin’s rally, shares remain down 33% from their 52-week high of $46.55. The company also faces mounting operational headwinds, including a planned reduction in store count amid flagging retail performance.
Whether GameStop’s high-stakes crypto play will reignite retail investor enthusiasm or deepen its volatility remains to be seen. The company declined to provide further comment, according to Cointelegraph.
As digital assets become more mainstream, GameStop’s move places it among a growing cohort of companies betting on Bitcoin’s long-term value—despite lingering concerns over market timing, valuation, and execution.
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