GameStop Joins Bitcoin Giants with Acquisition of 4,710 BTC Worth $513M

GameStop announced on Wednesday that it acquired approximately 4,500 Bitcoin tokens, marking its first purchase of the premier digital asset. This move comes as the video game retailer seeks to leverage the increasing global adoption of crypto. The company’s filing did not specify the exact timeframe of these Bitcoin acquisitions. Despite Bitcoin’s short-term price fluctuations, GameStop’s decision highlights its commitment to the crypto firstborn as a treasury reserve asset, following approval by its board earlier this year. Treasury Reserve Plans and Funding Sources GameStop’s board unanimously approved adding Bitcoin to its treasury reserves in March. According to the quarterly filing, the company plans to allocate some of its cash or proceeds from future debt or equity issuances toward Bitcoin purchases. However, it did not disclose the maximum amount of Bitcoin it might acquire. Notably, GameStop gained widespread attention in 2021 due to a surge in its stock driven by a Reddit community called WallStreetBets. The retail investors behind this movement pushed shares up nearly 2,000% in less than a month. GameStop’s Bitcoin acquisition mirrors recent moves by major market players in the crypto space. Notably, Strategy (formerly MicroStrategy) has made significant Bitcoin purchases as part of its treasury management strategy, even attracting other public companies and jurisdictions.  Other Corporate and Institutional Bitcoin Acquisitions Strategy, recognized as the largest corporate Bitcoin holder, itself increased its stake by adding 4,020 BTC this week. The firm now holds a total of 580,250 Bitcoins. Meanwhile, Brazil’s fintech company Méliuz became the first in the country to include Bitcoin in its treasury, acquiring over $28 million worth of BTC. Similarly, Tether confirmed acquiring 4,812 Bitcoins worth around $458.7 million. This purchase was part of a business merger involving Cantor Equity Partners and Twenty One Capital. Tether's average purchase price stood at $95,319.83 per Bitcoin. Meanwhile, in Japan, Metaplanet is raising $50 million through zero-interest bonds to expand its Bitcoin holdings, with investors expecting returns upon bond redemption. U.S. States and Other Entities Expand Bitcoin Reserves In addition to private companies, U.S. states have also moved toward Bitcoin treasury reserves. Texas lawmakers approved Senate Bill 21 to create a Texas Strategic Bitcoin Reserve managed by the Texas Comptroller. The fund is restricted to crypto assets with at least a $500 billion market cap over the past year. New Hampshire, located in the New England region of the U.S., became the first state in the country to approve a government-controlled reserve for Bitcoin and other cryptocurrencies. Governor Kelly Ayotte signed House Bill 302 into law, allowing the state to hold a limited portion of its treasury in Bitcoin or similar large-cap digital assets. Meanwhile, Trump Media and Technology Group announced plans to raise $2.5 billion for a Bitcoin treasury. The company aims to sell $1.5 billion in common stock and $1 billion through convertible senior secured notes. This strategy follows a corporate model similar to that used by MicroStrategy.