On May 28, 2025, GameStop announced its acquisition of 4,710 bitcoins, marking the company's initial foray into cryptocurrency investments. This purchase follows a revision of its investment policy in March, which permitted the inclusion of bitcoin as a "treasury reserve asset." The bitcoins were valued at approximately $505 million at the time of the announcement.
The acquisition was made possible by a recent private offering of convertible senior notes that raised $1.48 billion in net proceeds. According to the company's filings with the Securities and Exchange Commission, these funds are intended for "general corporate purposes," including the procurement of bitcoin. GameStop's board unanimously approved the updated investment policy, which does not impose a maximum limit on the amount of bitcoin the company may acquire, nor does it restrict the potential sale of any bitcoin obtained.
GameStop has been facing challenges in the retail market, with reports indicating plans to close a "significant number" of its stores in 2025. The company operated over 3,200 locations worldwide as of February 2025. Its market capitalization stood at approximately $14.3 billion as of the latest report.
This strategic shift towards cryptocurrency comes as GameStop seeks to diversify its assets and adapt to changing market dynamics. The move into bitcoin reflects a broader trend among corporations exploring digital currencies as viable investment options.