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18h ago

GameStop Invests $512 Million in Bitcoin, Shares Slide 10%

The Grapevine, Texas retailer made its first Bitcoin purchase to diversify its cash reserves under a policy approved in March.

GameStop announced a shift to Bitcoin investing in March.
GameStop is going all in on Bitcoin.
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Overview

  • GameStop acquired 4,710 Bitcoin, valued at roughly $512 million, under its new treasury reserve policy on May 28.
  • The board approved adding Bitcoin to its balance sheet in March and the company raised $1.5 billion via convertible notes in April to fund crypto purchases.
  • This marks GameStop’s first major crypto investment as CEO Ryan Cohen seeks diversification beyond its core video game retail operations.
  • Shares fell over 10% in early trading on the news, underscoring investor concerns about cryptocurrency volatility.
  • The purchase reflects a wider corporate trend with firms like Strategy and Trump Media & Technology Group also building significant Bitcoin reserves.