GameStop Makes Major Move into Crypto Space by Purchasing Bitcoin
GameStop has recently made headlines by confirming its purchase of 4,710 Bitcoin, a move that has positioned the company among the top 13 public companies holding Bitcoin. This strategic decision has surpassed other companies such as Semler Scientific, according to data from Bitcoin Treasuries.
Following this announcement, GameStop’s stock saw a 3% increase in US pre-market trading, as reported by Google Finance. This bold move into the crypto space aligns with GameStop’s plans to diversify its assets through Bitcoin exposure, a strategy that was revealed back in March. At that time, the company held over $4.5 billion in cash, cash equivalents, and marketable securities.
While the purchase date and average entry price of the Bitcoin holdings have not been disclosed by the US-based video game retailer, the current value of the holdings is estimated to be around $513 million. The crypto community has urged GameStop to not only hold the asset but also to run a Bitcoin node and publish proof-of-reserves to demonstrate its commitment to the cryptocurrency.
GameStop’s entrance into the crypto space is particularly noteworthy given the company’s history. In 2021, GameStop gained global attention during a historic short squeeze fueled by Reddit traders, which resulted in a significant increase in the company’s stock price.
This move by GameStop to purchase Bitcoin is part of a larger trend among public companies increasing their exposure to the cryptocurrency. Market analysts believe that this trend could play a significant role in driving Bitcoin to new highs. A recent report by global brokerage Bernstein suggests that corporate treasuries could allocate up to $330 billion to Bitcoin by 2029.
The industry has seen a growing number of companies turning to Bitcoin as a strategic asset, with the top 85 corporate holders collectively controlling over 804,000 BTC. MicroStrategy, now known as Strategy, remains a dominant player in this space, holding over 580,000 BTC as of May 2025.
Overall, GameStop’s bold move into the crypto space reflects a broader trend among public companies embracing Bitcoin as a strategic asset. This shift could have a significant impact on the cryptocurrency market and pave the way for future growth and adoption.