GameStop surges as meme stock darling dives into crypto with $500 million Bitcoin purchase spree
GameStop Bets Big on Bitcoin
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GameStop's shares jumped by almost 3% in premarket trading after the video game retailer revealed that it has made its first investment in Bitcoin on Wednesday, as per a report. The meme stock has risen by about 12% in 2025, according to CNBC report.The company revealed that it purchased 4,710 bitcoins, which was worth $512.6 million with bitcoin's price of $108,837 on Wednesday, as per the report.GameStop's aggressive crypto bet came after Bitcoin reached an all-time high, approaching $112,000 last week due to easing trade tensions and the Moody's lowering of US sovereign debt, which has led to a boom in alternative stores of value like Bitcoin, according to CNBC.As per CNBC, the American video game retailer had an intention to add cryptocurrencies to its balance sheet in February, but the company confirmed its plan at the end of March but had said that it had not set a ceiling on the amount of bitcoin it may buy.ALSO READ: Big Nvidia earnings drop today — will the stock soar or sink? Traders weigh in GameStop had accumulated a $4.76 billion cash pile as of February 1, as per the company's annual report released in April, reported CNBC.The company's entry into the crypto market is the latest move by the company's CEO, Ryan Cohen, to bring back the struggling brick-and-mortar business, as per the CNBC report. Under Cohen's leadership, the firm has focused on reducing costs and has streamlined operations, with the aim of making the business profitable, according to CNBC.The company bought 4,710 bitcoins, worth about $512.6 million, as per a CNBC report.Yes, this is their first official investment in Bitcoin, as per the CNBC report.
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