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GameStop bought $500 million of Bitcoin | TechCrunch

May 28, 2025 - techcrunch.com
GameStop has purchased 4,710 Bitcoin, valued at over $500 million, as part of its strategy to use Bitcoin as a treasury reserve asset. This move follows GameStop's announcement in March to update its investment policy amid ongoing financial struggles and declining net sales. Despite the company's efforts to adapt to the digital gaming era, GameStop's stock has experienced volatility, particularly after crypto-related announcements, due to investor concerns about cryptocurrency's historical instability.

The article also discusses the broader context of Bitcoin's rising prominence, noting that the Trump administration has embraced Bitcoin, leading to a surge in its price. This shift has raised ethical concerns, with Democratic senators introducing the "End Crypto Corruption Act" in response to potential conflicts of interest involving Trump and his family's crypto investments. Despite these concerns, Bitcoin's value has reached new highs, with companies like Tesla, Coinbase, and Block also making significant Bitcoin purchases.

Key takeaways:

  • GameStop purchased 4,710 Bitcoin, worth over $500 million, as part of its updated investment policy to use Bitcoin as a treasury reserve asset.
  • The purchase is part of GameStop's strategy to support its financials amid declining net sales and the growing popularity of digital gaming purchases.
  • The Trump administration is establishing a Bitcoin reserve, and Trump's media company plans to raise $2.5 billion to buy Bitcoin, raising concerns about potential market manipulation.
  • The "End Crypto Corruption Act" was introduced by Democratic senators to address concerns about Trump's crypto investments, but it lacks bipartisan support.
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