Video game retailer GameStop has made headlines once again—this time for joining the ranks of Bitcoin-holding public companies. On May 28, GameStop announced via X that it has acquired 4,710 BTC, marking a bold step in its revamped financial strategy.

Bitcoin as a Treasury Reserve: The Cohen Playbook

This strategic shift follows GameStop’s March decision to adopt Bitcoin as a treasury reserve asset. While few specifics were shared, the move aligns with prior hints from CEO Ryan Cohen, who previously appeared with Strategy’s Michael Saylor—a key advocate for Bitcoin-focused corporate finance.

The acquisition follows GameStop’s earlier crypto experiments, including its short-lived 2022 crypto wallet. Although that initiative was shelved in 2023, the company remains popular among crypto-savvy retail traders thanks to its status as a meme stock icon.

Riding the Institutional Bitcoin Wave

GameStop joins a growing list of public and private companies leaning into Bitcoin holdings as part of their balance sheet strategies:

• Blockchain Group is committing $72 million in BTC post-bond sale.
  
• Blackstone has invested $1.08 million in BlackRock’s spot Bitcoin ETF.
  
• DigiAsia Corp saw a 91% share spike after announcing a $100 million BTC plan.
  
• Trump Media is targeting $2.5 billion in crypto acquisitions.
  

Leading the charge is Strategy, which holds 580,000 BTC and is now valued over $100 billion—demonstrating the massive upside potential some corporations see in holding digital assets.

Strong Q4 Profits Provide Tailwind for Bitcoin Buy

GameStop’s Q4 earnings revealed a doubling of profit to $131.3 million, despite revenue slipping from $1.79 billion to $1.28 billion. The boost came largely from cost reductions, including the closure of 590 stores in 2024, with further downsizing ahead.

The strong bottom line gives GameStop more flexibility to pursue alternative treasury strategies such as Bitcoin accumulation.

Is This the Future of GameStop?

Whether GameStop’s Bitcoin purchase is a calculated long-term pivot or an attempt to reignite retail hype, it positions the company at the intersection of digital finance and meme stock culture. As crypto adoption spreads among corporations, GameStop’s latest move may set the tone for other mid-sized firms exploring ways to stay relevant—and profitable—in a digital-first world.