GameStop has officially entered the Bitcoin treasury strategy arena, announcing on May 28 that it has acquired 4,710 BTC. The move follows its March declaration to adopt Bitcoin as a reserve asset, positioning the gaming retailer alongside a growing cohort of companies reshaping their financial models around crypto.
From Retail Meme Icon to Digital Asset Holder
While the company provided limited details on the purchase, the acquisition reinforces GameStop’s evolving identity under CEO Ryan Cohen. Earlier this year, Cohen sparked speculation after posting a photo with Strategy chairman Michael Saylor, a vocal proponent of corporate Bitcoin adoption.
In February, CNBC reported that GameStop was considering crypto allocations. The company previously launched a crypto wallet in 2022, only to discontinue it in 2023 due to regulatory uncertainty. Still, GameStop’s deep roots in internet culture and its popularity among retail traders keep it firmly connected to the crypto-native community.
Joining a Growing List of Bitcoin Treasury Adopters
GameStop’s move mirrors that of several firms now using Bitcoin as a treasury hedge:
- Blockchain Group is allocating $72 million to Bitcoin after a successful bond sale.
- Blackstone disclosed a $1.08 million position in BlackRock’s iShares Bitcoin Trust (IBIT).
- DigiAsia Corp shares surged after unveiling a $100 million Bitcoin treasury plan.
- Trump Media & Technology Group is raising $2.5 billion for crypto investments.
Leading the trend is Strategy (formerly MicroStrategy), which now holds 580,000 BTC and a market cap exceeding $100 billion. Public company Bitcoin holdings have risen to 113 firms collectively holding over 800,000 BTC worth about $88 billion.
GameStop’s Financials Reveal Profit Surge Amid Decline
Despite falling sales, GameStop more than doubled its Q4 net income to $131.3 million, up from $63.1 million the year prior. The turnaround was driven largely by cost-cutting, including the closure of 590 U.S. stores in fiscal 2024, with more closures expected this year.
Revenue, however, declined from $1.79 billion to $1.28 billion, underscoring the ongoing challenges in the traditional gaming retail sector.
Strategic Shift or Meme-Driven Momentum?
GameStop’s latest move may solidify its shift from brick-and-mortar gaming to digital asset involvement. Whether this signals a deeper long-term strategy or a continuation of its meme-fueled playbook, one thing is clear: GameStop’s embrace of Bitcoin has captured attention across both retail and institutional investor circles.
