GameStop Officially Announces Inaugural Bitcoin Acquisition of 4,710 Bitcoin
Mitchell Nixon
The American video game and electronics giant GameStop has officially announced its maiden venture into Bitcoin, purchasing 4,710 BTC as revealed in a May 28 statement on the retailer’s X platform.
Details regarding the purchase price and timing remain undisclosed in the company’s announcement, with the accompanying Form 8-K submission to the Securities and Exchange Commission providing minimal additional information. The acquired cryptocurrency holdings carried an approximate value of $513 million based on current market rates.
This marks GameStop’s first publicly revealed Bitcoin acquisition following the firm’s March disclosure of intentions to enter cryptocurrency investment.
During that period, GameStop indicated it would finance the Bitcoin acquisition through borrowed capital and initiated a $1.3 billion convertible bond offering.
The development follows extensive market speculation regarding GameStop’s exploration of alternative investment assets, particularly digital currencies.
GameStop (GME) equity has risen alongside this speculation, gaining 12% during March. Earlier February rumours contributed to an 18% surge in GME share values.
GameStop securities closed at $35 on May 27, with pre-market trading reaching $36.30 at publication time. The stock has advanced approximately 30% over the preceding month, whilst year-to-date performance shows roughly 10% growth.
GameStop’s cryptocurrency investment represents another example of the growing corporate trend towards purchasing the leading digital asset, following the pioneering approach of Michael Saylor’s Strategy (previously MicroStrategy), which initiated its first BTC purchase in August 2020.
Additional corporations including Japan’s Metaplanet and Brazil’s Meliuz have expanded their Bitcoin reserves this year after implementing cryptocurrency treasury approaches.
On May 27, Trump Media and Technology Group, which operates US President Donald Trump’s Truth Social network, verified a $2.5 billion funding round for Bitcoin purchases after initially rejecting media reports about the transaction.