GameStop Adds 4,710 Bitcoins to Treasury Amid Crypto Push

Adoption Bitcoin GameStop

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

Author Profile

Share

Copied

Last updated: 

May 28, 2025

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

American video game retailer GameStop has acquired 4,710 Bitcoin, the company announced in a May 28 post on X. The company did not provide more details.

The announcement comes after GameStop officially adopted Bitcoin as a treasury reserve asset in March.

Notably, GameStop’s CEO, Ryan Cohen, had previously hinted at such a shift, sharing a photo with Strategy’s Executive Chairman Michael Saylor, a prominent advocate for corporate Bitcoin adoption.

In February, CNBC reported that the company was considering adding Bitcoin and other cryptocurrencies to its balance sheet.

This isn’t GameStop’s first foray into crypto. The company previously launched a crypto wallet in 2022, hoping to ride the Web3 wave, but shut it down a year later, citing “regulatory uncertainty.”

Still, with its roots entrenched in gamer culture and a strong connection to the so-called “degen” crowd—the retail investors who famously drove its stock sky-high during the 2021 meme stock craze—GameStop has remained closely watched by the crypto-curious community.

GameStop Joins Other Corporations Adopting Bitcoin as Reserve Asset

The move aligns GameStop with other corporations integrating digital assets into their financial strategies.

Just recently, French crypto holding company Blockchain Group announced plans to purchase an additional $72 million worth of Bitcoin following a successful €63.3 million bond sale, as it expands its aggressive treasury strategy.

On May 20, Blackstone, the world’s largest alternative asset manager, made its first move into crypto markets, purchasing shares in BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund.

According to a filing with the U.S. Securities and Exchange Commission, Blackstone acquired 23,094 IBIT shares as of March 31, valued at approximately $1.08 million.

Prior to that, shares of Indonesian fintech firm DigiAsia Corp surged by over 91% on May 19, after the Nasdaq-listed company announced plans to raise $100 million to initiate Bitcoin purchases as part of a new treasury strategy.

Trump Media & Technology Group has also confirmed plans to raise $2.5 billion to buy crypto, joining a growing list of firms mimicking MicroStrategy’s blueprint.

MicroStrategy, now renamed “Strategy,” holds 580,000 BTC and boasts a market capitalization exceeding $100 billion, more than the current value of its Bitcoin reserves.

As of now, 113 publicly listed companies hold Bitcoin, up from 89 in April, with a combined stash of over 800,000 BTC worth approximately $88 billion.

GameStop Doubles Profit Despite Falling Revenue and Store Closures

Despite its challenges, GameStop posted a rare bright spot in its latest earnings report. The company’s net income more than doubled in the fourth quarter to $131.3 million, up from $63.1 million a year earlier, driven by aggressive cost-cutting.

The company shuttered 590 stores in the US in fiscal 2024 and plans to close even more this year. Still, overall revenue fell to $1.28 billion from $1.79 billion, showing the continued decline of its traditional gaming retail business.