GameStop has made headlines once again not for video games, but for Bitcoin. On May 28, the embattled retailer revealed it has acquired 4,710 BTC in a bold pivot toward digital assets. Valued at approximately $519 million at the time of purchase, the move marks GameStop’s largest crypto investment yet and signals a deeper commitment to reshaping its identity from meme-stock to Bitcoin bull.
A Memestock Turned Bitcoin Whale
The company announced the acquisition via a direct and simple tweet: “GameStop has purchased 4,710 Bitcoin.” The news quickly spread across financial and crypto communities, triggering a 3% rise in GameStop’s stock price in after-hours trading. The rally gained momentum by Thursday, pushing shares up 5.99% to $35, a significant rebound from the $25 range earlier this year.
This major Bitcoin purchase follows the completion of a $1.5 billion convertible senior notes offering on April 1. According to company insiders, the capital raised was earmarked specifically to bolster GameStop’s crypto reserves and leverage its cultural status within the retail investor community a strategy akin to that of MicroStrategy’s Michael Saylor.
Following the Saylor Playbook
Speculation about GameStop’s Bitcoin ambitions began in February 2025, when CEO Ryan Cohen posted a photo with Michael Saylor. The post fueled rumors that GameStop was preparing to mimic MicroStrategy’s aggressive BTC treasury strategy and now those rumors have been confirmed.
The company had already signaled its crypto intentions back in March, when it revealed a plan to convert a portion of its $4.77 billion in cash reserves into Bitcoin. However, the exact allocation remained undisclosed until now.
“This is a defining moment for GameStop,” said one market analyst. “They’re not just dabbling in crypto — they’re going all in.”
Can Bitcoin Turn GameStop Around?
While GameStop’s move into Bitcoin may raise eyebrows, it’s part of a larger trend of public companies attempting to revive investor confidence and boost stock valuations through crypto exposure.
Earlier this week, Japanese firm Metaplanet issued $50 million in bonds to buy more Bitcoin. Meanwhile, Trump Media & Technology Group unveiled plans to purchase $2.5 billion in BTC highlighting a growing corporate embrace of digital assets as both a hedge and a brand-building strategy.
Still, questions remain about whether Bitcoin alone can rescue GameStop’s faltering core business. The company has struggled with profitability and relevance in a rapidly digitizing retail environment. But with crypto, it’s seeking not just financial returns but cultural resonance.
GameStop’s $519 million Bitcoin buy cements its place among the top corporate BTC holders and marks a dramatic evolution in its business strategy. While it remains to be seen whether this pivot will yield long-term results, one thing is certain: GameStop is no longer just a meme-stock it’s now a Bitcoin whale.
