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GameStop has acquired 4,710 bitcoin, worth over $500 million at current prices.
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The purchase follows its decision to adopt bitcoin as a treasury reserve asset.
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The company raised $1.5 billion through convertible notes to fund the initiative.
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GameStop joins other public firms like Strategy and Metaplanet in building bitcoin reserves.
GameStop Makes Strategic Bitcoin Move
GameStop announced in a regulatory filing that it has purchased 4,710 bitcoin for its corporate treasury. While the company did not disclose the total purchase amount, the bitcoin was trading at roughly $109,080 on May 28, valuing the acquisition at over $500 million.
This move aligns with the company's broader strategy to diversify its balance sheet through digital assets.
Part of a Larger Treasury Shift
In March, GameStop’s board approved a policy to adopt bitcoin as a treasury reserve asset. The company subsequently raised $1.5 billion through a convertible note offering in April, likely to fund this crypto allocation.
The retailer now joins a growing number of public companies using bitcoin for long-term reserves, including Strategy and Japan’s Metaplanet.
Market Reaction and Broader Trend
GameStop’s stock rose 3% in pre-market trading following the news. According to BitcoinTreasuries.net, more than 210 firms globally hold bitcoin in their corporate treasuries, with Strategy leading at over 576,000 BTC.
