GameStop has confirmed it has taken a bold step into the Crypto space and bought 4,710 Bitcoins, according to a statement on May 28th.
According to data from Bitcoin Treasuries, the move places GameStop in the top 13 public companies that hold Bitcoin over other participants, such as Semler Scientific.
The company’s shares rose about 3% in pre-US market trading following the news, according to Google Finance data.
GameStop buys bitcoin
This initial purchase coincides with plans revealed in March, when GameStop said it was intended to diversify assets through Bitcoin exposure. At the time, the company held over $4.5 billion in cash, cash equivalents and marketable securities.
The US-based video game retailer has not disclosed the date of purchase or average admission price, but the current value of the holding is close to $513 million.
GameStop has not responded yet Encryption Requests for comments at the time of reporting.
However, the crypto community wants companies to not only hold assets. They advised the company to run Bitcoin nodes and publish their absorption proofs to demonstrate their commitment to top crypto.
Their view is not surprising given that GameStop is not a typical corporate buyer.
The company achieved global fame in 2021, a historic short narrowing of Reddit Traders fueled. Retail investors who are unhappy with Wall Street’s bearish bets have piled up on GME stocks, sending more than $500 from under $20 at their peak.
This episode caused billions of dollars in losses for hedge funds and showed cultural changes in market trends.
Public companies increase Bitcoin exposure
With this purchase, GameStop will join the growing list of companies that will switch to Bitcoin as a strategic asset. Market analysts believe this trend could play a key role in pushing Bitcoin to its new highest.
A recent report by global brokerage firm Bernstein predicts that the company’s Treasury will be able to allocate up to $300 billion to Bitcoin by 2029. The analysis also suggests that small and medium-sized businesses with limited organic growth opportunities in traditional markets can explore alternative preparation strategies to remain relevant and competitive.
Already, the industry has witnessed an influx of new companies latching into Bitcoin for relevance. According to HODL15CAPITAL, collectively, the top 85 corporate owners control over 804,000 BTC.
Currently rebranded as a strategy, microstrategy has held over 580,000 BTC as of May 2025, and remains the dominant player in this space.