GameStop, a major video game retailer based in Grapevine, Texas, has expressed strong faith in Bitcoin by recently purchasing approximately 4,710 Bitcoins. With today’s exchange rates, this investment is valued at over half a billion US dollars ($510 million USD).
Among the world’s most prized and unpredictable investments, Bitcoin boasts a staggering worth exceeding 2 trillion dollars in total. This figure surpasses the entire market capitalization of Alphabet Inc., Google’s parent company. At present, a single Bitcoin costs approximately $108,000.
GameStop’s recent announcement of buying Bitcoin might seem mysterious without further details, but it wasn’t entirely unexpected given CNBC’s earlier report in February about their intention to invest in cryptocurrencies. Interestingly, on May 27th, President Trump expressed his aim to establish a “Bitcoin treasury,” echoing this financial trend.
To summarize, GameStop’s share price has increased by approximately 10% this year in 2025 and an astounding over 3,000% since the short-squeeze incident in 2021. As reported in their recent financial filings, GameStop currently holds cash reserves exceeding $4.5 billion as of February 2025.
Purchasing Bitcoin represents a fresh tactic for GameStop CEO Ryan Cohen as he attempts to revitalize the ailing company; previous efforts have encompassed staff reductions, shuttering stores, and offloading Game Informer.
In part, Cohen possesses the authority due to a decision made by GameStop’s board in December 2023. This decision granted Cohen and two other board members permission to utilize GameStop’s funds for purchasing securities under their newly established “investment policy.
Previously, GameStop ventured into NFTs and developed a cryptocurrency wallet. However, they ceased operations for this venture back in January 2024.
Read More
- 50 Goal Sound ID Codes for Blue Lock Rivals
- Quarantine Zone: The Last Check Beginner’s Guide
- 50 Ankle Break & Score Sound ID Codes for Basketball Zero
- Basketball Zero Boombox & Music ID Codes – Roblox
- How to use a Modifier in Wuthering Waves
- Lucky Offense Tier List & Reroll Guide
- Tainted Grail The Fall of Avalon: Best Beginner Build Guide
- Ultimate Myth Idle RPG Tier List & Reroll Guide
- INJ PREDICTION. INJ cryptocurrency
- Enshrouded Hemotoxin Crisis: How to Disable the Curse and Save Your Sanity!
2025-05-28 17:09