GameStop officially gets in the crypto game. The Bitcoin investment is the first big move.
GameStop joined the ranks of serious players in the cryptocurrency game with a major financial release. On March 26, 2025, the company released that the board of directors approved the purchase of Bitcoin to be kept in the corporate treasury as a reserve asset. The move puts GameStop in the same league as the likes of Strategy, a firm renowned for holding one of the biggest corporate Bitcoin portfolios globally.
To fund this acquisition, GameStop will be tapping into part of its staggering cash holdings, currently sitting at nearly 5 billion USD. The firm also said it may issue additional capital in the form of new shares or new debt if market conditions and the value of its Bitcoin investment allow it to do so. Despite no fixed purchase price yet revealed, insiders on the board have commented on the fact that the investment would be between 10-20% of the cash holdings and would be several hundred million USD in Bitcoin.
The announcement follows a series of notable developments. In early February, GameStop CEO Ryan Cohen was photographed meeting with Michael Saylor, the executive chairman of Strategy, at Donald Trump’s Mar-a-Lago estate in Florida. The encounter raised eyebrows and fueled speculation about a potential crypto pivot. Adding to the momentum, Matt Cole, CEO of Strive Asset Management, a firm with a stake in GameStop through its ETF, sent an open letter in late February urging the company to diversify its treasury with Bitcoin. Cole highlighted the cryptocurrency’s long-term value as an inflation hedge, citing Strategy’s success as a model.
Market reaction was swift and positive. On March 25, GameStop’s stock surged 8.7% in after-hours trading, closing at 27.5 USD per share, up from 25.3 USD earlier that day. Bitcoin itself experienced a modest gain, rising 0.2% to hover around 88,000 USD, according to CoinMarketCap data. Trading volume for GameStop shares spiked by 15% above the daily average, reflecting heightened investor interest.
This is the biggest foray into crypto yet for GameStop. Unlike its last blockchain initiatives in 2022, such as the launch of a crypto wallet and NFT market, this Bitcoin bet is strictly a financial play and not product-based. The last ones were axed in 2023 in the face of regulatory heat from the SEC, but the new business appears to have a stronger legal standing for corporate treasury investment. Leadership at GameStop has not commented yet if this marks the opening salvo for greater crypto ambitions beyond Bitcoin.
