GameStop Bets Big on Bitcoin: Snaps Up 4,710 BTC in $500M+ Power Play

GameStop just doubled down on crypto—hard. The meme-stock darling dropped half a billion dollars on Bitcoin, grabbing 4,710 coins in a single swoop. Wall Street analysts are either applauding the hedge or rolling their eyes at another ’corporate treasury YOLO.’

Why this matters: When a household name like GameStop pivots to Bitcoin, it’s not just a trade—it’s a signal. The move screams institutional confidence in crypto as a reserve asset, even as traditional finance pundits clutch their pearls.

The fine print: At ~$106,000 per BTC, this isn’t pocket change. The purchase puts GameStop in the same league as MicroStrategy and Tesla, companies that treat Bitcoin like a high-stakes game of musical chairs—except the music hasn’t stopped since 2020.

Bottom line: Whether this is genius or gambler’s fallacy depends on which side of the fiat/crypto divide you stand. One thing’s certain: the ’boring corporate treasury’ playbook just got a blockchain-powered rewrite.

Gaming retailer GameStop (NYSE: GME) has officially confirmed the acquisition of 4,710 Bitcoin, marking the completion of its corporate treasury diversification strategy announced last month. The purchase, valued at over $400 million at current market prices, was revealed by CEO Ryan Cohen during an interview at the Bitcoin Conference 2025.

Speaking at the high-profile cryptocurrency event, Cohen disclosed that GameStop has successfully deployed funds from its $1.5 billion convertible notes offering to purchase the digital asset. "We have, we have bought Bitcoin. We currently own 4,710 Bitcoins," Cohen confirmed when pressed by interviewer David Bailey from BTC Inc.

The bitcoin acquisition represents a significant milestone for GameStop’s transformation strategy, which has seen the company pivot from a struggling video game retailer to a profitable operation focused on collectibles and trading cards. Cohen emphasized that the Bitcoin purchase serves as a hedge against currency devaluation and systemic risk.

"If the thesis is correct, then Bitcoin — and Gold as well — can be a hedge against global currency devaluation and systemic risk," Cohen explained. He outlined several key advantages Bitcoin holds over traditional precious metals, including instant global transferability, blockchain-verified authenticity, simplified storage requirements, and fixed supply constraints.

Cohen particularly highlighted Bitcoin’s asymmetric upside potential compared to gold, noting that while gold represents a $20 trillion market, Bitcoin currently sits at approximately $2 trillion in market capitalization. "If the thesis is correct that ultimately Bitcoin becomes digital gold... then there’s more upside," he stated.

The confirmation comes approximately one month after GameStop completed its $1.5 billion offering of convertible senior notes, which exceeded the company’s initial $1.3 billion target. The company’s SEC filing explicitly stated intentions to use proceeds "for general corporate purposes, including the acquisition of Bitcoin."

GameStop’s entry into Bitcoin treasury management follows the playbook established by MicroStrategy (now trading as Strategy), which currently holds 580,250 BTC worth more than $62 billion. However, Cohen emphasized that GameStop is charting its own course rather than copying other companies’ strategies.

"We’re not gonna call our shots in advance, for obvious reasons. But GameStop is following GameStop strategy. We’re not following anyone else’s strategy," Cohen said when asked about future Bitcoin purchases.

The Bitcoin acquisition caps a remarkable turnaround for GameStop under Cohen’s leadership. The CEO candidly described the company’s previous state, saying "When I took over, the company was a piece of crap, and losing a lot of money." Through aggressive cost-cutting, strategic pivots, and elimination of what he termed short-sighted executives, GameStop has achieved profitability in the US market.

When asked for his message to the global Bitcoin community, Cohen maintained his characteristic independent stance: "Don’t follow GameStop. Make your own decisions independently. That’s my message — do whatever you’re comfortable with."

The confirmation of GameStop’s Bitcoin purchase adds another major corporation to the growing list of companies adopting Bitcoin as a treasury reserve asset, further validating the digital asset’s role in corporate finance strategies. With the acquisition complete, GameStop joins Strategy, Metaplanet, and MARA Holdings as significant corporate Bitcoin holders (currently with the 11th-largest Bitcoin holding, according to Bitcoin Treasuries).

GameStop stock closed Wednesday’s trading session at $31.21, or -10.85% down from the previous session.