Key Takeaways
- GameStop’s stock price, GME, saw a 5% crash following its announcement of the Bitcoin purchase.
- The video game retailer GameStop has officially announced its purchase of Bitcoin, worth over $ 500 million.
- The Bitcoin price continues to struggle despite market sentiment remaining bullish after its all-time high.
GameStop, the renowned U.S. gaming and consumer electronics company, has officially disclosed its initial Bitcoin purchase of approximately 4,710 Bitcoins, according to an official statement on X, which is valued at over $500 million. However, the company did not disclose the exact figure for the Bitcoins it purchased or the exact date this purchase was made. Still, speculation has suggested that the value of this purchase would have been over $500 million.
GameStop Official Bitcoin Purchase
This purchase of Bitcoin by GameStop has placed the company on the list of corporate entities that have demonstrated strong admiration for Bitcoin in recent times, following in the footsteps of MicroStrategy, which has consistently accumulated BTC through its dollar cost averaging (DCA) strategy.
GameStop has previously shown strong interest in buying Bitcoin and other cryptocurrencies. The company received an open letter from Strive Asset Management regarding the prospect of investing in Bitcoin, as it believes the asset possesses strong fundamentals and opportunities for hedging against inflation.
In this letter, GameStop CEO Ryan Cohen tweeted his receipt of the letter, generating much buzz in the GameStop crypto space speculation of selling its shares to invest heavily in BTC at the time BTC was trading around $83,000.
GameStop Stock Reaction To Bitcoin Purchase
The GME stock price of retailer gaming company GameStop saw its price crash in a row following its announcement of a BTC purchase, with an over 5% decline after experiencing a favorable spike earlier, before the announcement.
Ryan Cohen has expressed a strong interest in Bitcoin, believing it has better potential and the potential for mass adoption by large corporate companies, unlike gold, which has existed for a long time but has performed well in 2025.
While GME stocks suffered a decline, the price of Bitcoin has experienced its fair share of market uncertainties, as the price has failed to sustain its rally in the last few days ahead of its month-end. The price of Bitcoin has struggled to hold above its all-time high of $111,700.
Market sentiment for Bitcoin remains bullish, as whales and institutional companies seek opportunities to make more purchases of BTC with every price decline, indicating strong BTC adoption that has been lacking in the crypto space for years.
The price of Bitcoin in the current market cycle is expected to rally towards a region of $200,000 by the end of 2025.
