GameStop Buys $500 Million in Bitcoin Amid Corporate Crypto Rush
The retailer has taken a decisive step acquiring bitcoin, joining industry leaders growing their crypto reserves.
Representational Photo
GRAPEVINE, Texas, May 29, 2025 — GameStop Corp. announced Wednesday it has purchased 4,710 bitcoin, valued at over $500 million at the time of acquisition. The move marks a significant shift in the video game retailer’s treasury strategy as it continues to grapple with declining sales and uncertainty over its long-term viability.
This purchase follows GameStop’s March announcement that it would revise its investment policy to include bitcoin as a treasury reserve asset. The company’s stock declined following the announcement, reflecting investor apprehension about cryptocurrency’s well-known volatility.
Once the focus of the 2021 short squeeze fueled by the Reddit community r/WallStreetBets, GameStop’s stock price has remained above pre-surge levels. Despite this, the company continues to report falling annual net sales. Leadership appears to be embracing cryptocurrency as a means to bolster its financial position.
GameStop’s bitcoin acquisition coincides with shifting political attitudes toward cryptocurrency. Under former President Joe Biden, the U.S. government took a tough stance on crypto, citing concerns over fraud and corruption. That approach has reversed under the Trump administration, which has established a Strategic Bitcoin Reserve and is advancing plans for Trump’s media company to raise $2.5 billion to buy bitcoin.
Trump has also drawn attention by inviting leading holders of his memecoin — a highly speculative cryptocurrency driven largely by online communities — to a private White House dinner. This has sparked criticism from Democratic lawmakers, including Sens. Chuck Schumer of New York and Jeff Merkley of Oregon, who introduced the End Crypto Corruption Act to address what they describe as Trump’s self-enriching crypto activities.
“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” Merkley said in a press release. “This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government.”
Despite these efforts, the legislation faces slim prospects without bipartisan backing. Meanwhile, bitcoin’s price has surged, breaking $110,000 in May after dipping to around $75,000 in April, buoyed by growing government support.
Tesla, Coinbase, and Block each hold more than $1 billion in bitcoin as part of their corporate reserves. With its latest purchase, GameStop joins this group in expanding exposure to the crypto market — a bold move amid ongoing uncertainty in both its own business outlook and the wider digital currency environment.
This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government.
