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GameStop Purchases Over $500M Worth of Bitcoin
GameStop announced the purchase on X on Wednesday but did not offer further details about when the BTC were acquired or the price paid.
Updated May 28, 2025, 5:17 p.m. Published May 28, 2025, 11:25 a.m.
What to know:
- Video game retailer GameStop has purchased 4,710 bitcoin, worth nearly $513 million at the time of writing.
- GameStop revealed its plans to pursue a bitcoin treasury strategy in March, offering $1.3 billion in debt to raise the funds for BTC acquisition.
Video game retailer GameStop (GME) has purchased 4,710 bitcoin, worth nearly $513 million at the time of writing.
GameStop announced the purchase on X on Wednesday but did not offer further details about when the BTC were acquired or the price paid.
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The Grapevine, Texas-based company revealed its plans to pursue a bitcoin treasury strategy in March, offering $1.3 billion in debt to raise the funds for BTC acquisition.
The shares of GME rose as much as 6.6% in U.S. pre-market trading on the news, but the stock promptly dumped in early trading, falling around 10% to about $31.50. With GameStop's BTC purchase rumored to be imminent for several weeks, the GME slide may be a "sell the news" event.
The selloff may haver been exacerbated by a dip in BTC's price which fell from around $109,000 to around $107,300 during the ET morning.
UPDATE (May 28, 15:25 UTC): Adds additional info and context on GME's price movement.
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