GameStop has taken a bold step into the crypto space, confirming that it has purchased 4,710 Bitcoin, according to a May 28 statement.
According to Bitcoin Treasuries data, this move places GameStop among the top 13 public companies holding Bitcoin, surpassing other entrants like Semler Scientific.
Google Finance data shows the company’s stock climbed roughly 3% in US pre-market trading following the news.
GameStop buys Bitcoin
This first purchase aligns with plans revealed in March when GameStop said it intended to diversify its assets through Bitcoin exposure. At the time, the firm held over $4.5 billion in cash, cash equivalents, and marketable securities.
While the US-based video game retailer did not disclose the purchase date or average entry price, the holdings’ current value is near $513 million.
GameStop has yet to respond to CryptoSlate’s request for comment as of press time.
However, the crypto community has called for the firm to go beyond just holding the asset. They have advised the firm to run a Bitcoin node and publish a proof-of-reserves to demonstrate its commitment to the top crypto.
Their view is not surprising considering GameStop isn’t a typical corporate buyer.
The firm shot to global fame in 2021 during a historic short squeeze fueled by Reddit traders. Retail investors, frustrated by Wall Street’s bearish bets, piled into GME stock, sending it from under $20 to over $500 at its peak.
The episode triggered multibillion-dollar losses for hedge funds and marked a cultural shift in market trends.
Public companies increase Bitcoin exposure
With this purchase, GameStop joins a growing list of corporations turning to Bitcoin as a strategic asset. Market analysts believe this trend could play a key role in pushing Bitcoin to new highs.
A recent report by global brokerage Bernstein projects that corporate treasuries could allocate up to $330 billion to Bitcoin by 2029. The analysis also suggests that small firms with limited organic growth opportunities in traditional markets could explore alternative reserve strategies to stay relevant and competitive.
Already, the industry has witnessed an influx of new firms latching onto Bitcoin for relevance. Collectively, the top 85 corporate holders now control more than 804,000 BTC, according to Hodl15Capital.
MicroStrategy, now rebranded as Strategy, remains the dominant player in this space, holding over 580,000 BTC as of May 2025.
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