GameStop Corp. (NYSE: GME) has bought 4,710 Bitcoin, accelerating the videogame retailer’s pivot into digital assets.
At the current market price of about $108,800 per BTC, the stack is worth roughly $512 million.
GameStop Joins Ranks of Top Public Bitcoin Holders
GameStop announced the purchase on May 28 without revealing specific information. The move makes GameStop one of the larger publicly listed Bitcoin holders, though still well behind Strategy (formerly MicroStrategy) and Tesla. However, the firm has overtaken Semler Scientific as the 13th largest public holder of Bitcoin.
Data from Bitcoin Treasuries showed GameStop’s Bitcoin holdings now exceed Semler Scientific’s by 86 Bitcoins. The latter holds 4,624 Bitcoins.
“This 4,710 Bitcoin purchase make GameStop the 13th public company with the most Bitcoin in the world,” an analyst posted on X.
The acquisition follows GameStop’s earlier ventures into the crypto space, including non-fungible tokens (NFTs) and the launch of its self-custody wallet. However, GameStop’s limited disclosure has sparked some criticism from market observers.
“Please adopt Saylor’s communication strategy in addition to his Bitcoin strategy. The games, hints and cryptic messages are a deal breaker for many,” a user wrote.
It is worth noting that the decision didn’t come out of the blue. On March 25, BeInCrypto reported that the company’s board had approved an update to its investment policy to adopt Bitcoin as a reserve asset.
The following day, the company announced plans to raise $1.3 billion through convertible notes, with part of the funds allocated for Bitcoin acquisitions alongside other corporate purposes.
Notably, today’s Bitcoin acquisition had no positive impact on GameStop’s stock price. It seems that the firm’s stock market sentiment was already priced in after last month’s BTC announcement. In fact, GME dipped nearly 10% today.
GameStop’s move reflects a broader trend of firms incorporating Bitcoin into their treasury strategies. Notably, Brazil’s Méliuz, Bahrain’s Al Abraaj, and Japan’s Remixpoint have all adopted Bitcoin treasury strategies.
Additionally, Abu Dhabi’s sovereign wealth fund, Mubadala, increased its Bitcoin ETF holdings. In the US, new companies like 21 Capital are also investing heavily in Bitcoin.
As institutional adoption of Bitcoin accelerates, GameStop’s sizable purchase signals its commitment to integrating digital assets into its business strategy. Nonetheless, whether this trend will continue and how much additional corporate capital will flow into Bitcoin remains to be seen.
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